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from 2016 to 2017, the real estate market was booming, with the average sales rate of new residential projects in the first week of sale being around 70% nationwide. however, the effect of the "517 policy" has weakened and the market has fallen into a trough. in august, after the overall down payment ratio was lowered, the weekly average sales rate has fallen back to 29%, indicating that the market is still in a downturn.

"destocking" has become an important policy direction for the real estate industry. many cities have successively issued notices to collect and store housing sources. however, due to factors such as acquisition prices, capital costs, and housing mismatch, the state-owned enterprises' "destocking" model is still in the exploratory stage. china index academy believes that my country's real estate sales are still facing adjustment pressure, and the market is still in the bottoming stage. if the "destocking" policy is implemented faster in the next few months, it will have a positive impact on the improvement of real estate companies' cash flow and residents' expectations.

on the land side, revitalizing existing land and optimizing land supply are the main policy directions, among which land withdrawal and replacement may become an effective way to improve the land inventory structure. in addition, there is still a lot of room for improvement in the purchase restriction policy in first-tier cities. continuously lowering mortgage interest rates and increasing the deduction of personal income tax for mortgage interest may become the direction of demand-side policy optimization, thereby further reducing residents' housing purchase costs.

the ruined market symbolizes the disappearance of the former prosperity and hope. how will real estate developers rebuild market confidence in the predicament of "destocking"?