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Contemporarily, China’s real estate industry is in recession especially under the shock of contractionary polices in 2020 and 2021. Developers are faced with challenges of deleverage requirements, lack of financing sources and slack demand of the housing market. However, by late 2022, Chinese government decides to take measures to regenerate property industry. It is now a watershed moment for developers from the darkest hour to a new era of China’s real estate development. This paper mainly focuses on contractionary policy analysis in 2020 and 2021 and the impact on real estate firms. Based on the case study of Yango Group, it also points out expansive private firms are more likely to encounter debt crisis under 2020-and-2021 contractions. Moreover, the future development of China’s real estate industry will be embraced with a brand-new picture, i.e., state-owned dominant and high quality-oriented. Overall, these results shed light on guiding further exploration of government influence in stimulating and stabilizing China’s real estate development.
Xinxin Tian (Thu,) studied this question.