专访余永定：三方面发力促进房地产业趋稳回升，确保上下游产业链稳定

Core Viewpoint - The real estate industry is crucial for economic stability and public welfare, with recent policies aimed at promoting high-quality development and addressing housing needs for various demographics [1][3]. Group 1: Industry Development - The "14th Five-Year Plan" emphasizes the need for a new development model in real estate, focusing on improving the systems for property development, financing, and sales [1]. - Historical trends from countries like Japan, the U.S., and the U.K. show that real estate markets undergo multiple cycles of fluctuation before stabilizing, indicating a potential long-term recovery path for China's real estate sector [3]. Group 2: Current Challenges - The Chinese real estate market has not experienced significant issues with mortgage defaults at the national level, but there are concerns about potential defaults by developers leading to increased non-performing loans in banks [4]. - The real estate industry is interconnected with various sectors, and prolonged instability could adversely affect the survival and development of upstream companies [5]. Group 3: Policy Recommendations - Macro-control policies should focus on stabilizing asset prices, injecting liquidity into the short-term money market, and providing capital through state-owned enterprises [5]. - Recent government measures include "guaranteeing delivery" of projects, relaxing purchase restrictions, and extending financing for existing projects, which have shown signs of effectiveness in stabilizing the market [5].