Core Viewpoint - A gray industrial chain has emerged under the guise of "proxy home purchasing," which is actually engaging in usurious lending practices, with annual interest rates exceeding 36% [1] Group 1: Regulatory Insights - The National Financial Regulatory Administration and the Ministry of Public Security have disclosed typical cases highlighting the illegal operations within the proxy home purchasing sector [1] - The model involves complex processes of "capital advance for home purchase and mortgage loan" that charge borrowers fees far exceeding legal limits [1] Group 2: Industry Analysis - The core operational method of this model is "high appraisal and high loan," which has evolved from an auxiliary means of real estate sales to an organized financial arbitrage chain [1] - Some intermediary institutions manipulate appraisal processes, package loan materials, and manage funding paths to create a complete illegal profit-making channel [1] Group 3: Market Behavior - Despite ongoing stringent regulations, there has been a noticeable reduction in intermediaries publicly promoting such services [1] - Investigations reveal that some intermediaries still operate through covert channels, promising "zero down payment" and "over-loan" services, indicating that illegal operations persist [1]