Core Insights - The Chinese real estate market has undergone significant adjustments during the "14th Five-Year Plan" period and is now entering a new phase of development [1][2] - The next stage will involve debt restructuring for real estate companies, market clearing, and the establishment of a new housing construction system [1] Group 1 - The most dangerous period for the real estate market has been overcome after four years of adjustments [1] - The government has successfully implemented measures such as "guaranteeing delivery" and a whitelist system to prevent risks from spreading to the financial system [1] - The upcoming phase will require a series of policies to help the real estate market quickly reach its bottom, although the process will be complex and involve various interests [1] Group 2 - A breakthrough in policy adjustments could lead to a new healthy phase for the Chinese real estate market, contrary to some foreign institutions' views that it will remain at the bottom for an extended period [2] - Policy remains a core element in facilitating the transition to a healthier real estate market [2]