2016年初,北京、上海、深圳等一线城市曾出现房价暴涨,随后带动部分二三线城市房价普涨,甚至出现了信贷资金“加杠杆”入市炒作的迹象。但与此同时,大部分二三线城市商品房库存积压依然非常严重,去库存效果甚微。房地产市场牵涉面广,与投资、信贷、金融风险直接相关,是影响经济增长和金融稳定的关键因素之一。房地产市场冷热不均,也给宏观政策的制定和实施提出了挑战。 In early 2016, housing prices surged in first-tier cities such as Beijing, Shanghai and Shenzhen, driving housing prices in some second and third tier cities to rise broadly. There even appeared signs of credit funds and “leveraged” market speculations. However, at the same time, the inventory backlogs of commercial real estate in most second and third tier cities are still very serious, with little effect on the inventory. The real estate market has a wide range of implications. It is directly related to investment, credit and financial risks. It is one of the key factors that affect economic growth and financial stability. The hot and cold real estate market is uneven, but also to the macro-policy formulation and implementation of the proposed challenges.