Economic Daily: Take a comprehensive and objective view of changes in the real estate market.

The real estate market is gradually moving towards a stage where both increment and stock are equally important. Currently, the real estate market is in a period of transition from old to new models, and this transformation will take some time. Although the real estate market has experienced fluctuations, overall, the effectiveness of stable housing policies continues to be demonstrated. It is important to rationally view the current decline in development investment. China's real estate market has entered a phase of basic supply and demand balance. Compared with the rapid development phase of the past, the supply of newly built residential properties has decreased, which is both a positive response to the strict control of increment in various regions and a result of market self-adjustment. The real estate industry in China will steadfastly follow a path of connotative development and high-quality development, with plenty of new opportunities, new momentum, and new value still present in the balance between increment and stock, iterative renewal, and service empowerment. As the real estate industry accelerates its transformation and upgrade process and reshapes the value chain, the healthy development of the real estate market can be anticipated.