Core Viewpoint - The article emphasizes the urgent need for targeted governance strategies to address the structural contradictions in China's real estate market, particularly the growing inventory issues that threaten industry stability and financial security [2][4][42]. Group 1: Inventory Pressure and Structural Characteristics - The real estate market in China has entered a deep adjustment phase, with the total inventory exceeding 1.3 billion square meters and a de-stocking cycle projected to last 14 years, far exceeding the healthy range of 5-6 years [2][6]. - Inventory is highly concentrated in a few key areas, with the top 10% of districts accounting for an average of 34% of total inventory in cities, leading to localized supply-demand imbalances [2][18]. - Idle land and unstarted projects contribute significantly to inventory pressure, with 13% of projects in first- and second-tier cities unstarted, representing 33% of the total inventory [3][43]. - Old projects, or "dead inventory," pose significant challenges for de-stocking, with an average of 30% of inventory in second-tier cities being over 10 years old [3][43]. Group 2: Differentiated Challenges Across City Levels - First-tier cities like Beijing and Shanghai maintain a healthy inventory cycle of under 5 years, while many second- and third-tier cities face compounded pressures, with some cities like Nanjing and Chongqing experiencing de-stocking cycles exceeding 20 years [4][15]. - The average de-stocking cycle for first-tier cities is 4.5 years, while second-tier cities average 8.0 years, and third-tier cities average 20.4 years, indicating significant disparities in inventory management [15][16]. - Cities such as Nanjing and Chongqing are particularly at risk due to multiple structural issues, including high levels of unstarted projects and old inventory [4][46]. Group 3: Governance Strategies and Recommendations - The article advocates for a differentiated governance approach, emphasizing the need for targeted policies that address the unique inventory challenges faced by different cities [51][52]. - For high-risk cities like Nanjing and Chongqing, strategies should include accelerating the disposal of idle land and addressing the backlog of city investment projects [51][52]. - In contrast, cities with healthier inventory levels should focus on preventing future risks by monitoring land use and adjusting supply based on de-stocking cycles [52][53].