Core Viewpoint - The article discusses the current state and future prospects of the real estate industry, emphasizing the importance of understanding historical trends and the potential for credit recovery in the Chinese real estate market [3][4]. Group 1: Historical Perspective - The series of discussions will cover the past, present, and future of real estate, starting with a review of overseas research and comparisons with the U.S. and Japan to highlight China's credit recovery capabilities [3][4]. - The historical analysis includes a focus on Japan's housing market and its resilience during economic downturns, suggesting that similar strategies could be beneficial for China [4]. Group 2: Current Focus - In-depth company analyses will be conducted, including studies on major players like China Merchants Shekou and China Resources Land, highlighting their strategies for navigating economic cycles [3][4]. - The discussions will also address the financial cycles affecting real estate, providing insights into how companies can adapt to current market conditions [4]. Group 3: Future Outlook - The framework for future research will include topics such as rental housing REITs and commercial REITs, indicating a shift towards more diversified investment strategies in the real estate sector [4]. - The article emphasizes the significance of real estate as a pillar industry and its impact on related sectors, suggesting that understanding these dynamics is crucial for future investment decisions [4].