① The country’s land policy, fiscal policy, monetary policy and housing policy will have a considerable impact on the productive demand and consumer demand for real estate.

②Adjustments to the national interest rate policy will also have a significant impact on productive demand, investment demand and consumer demand for real estate. First, an increase or decrease in loan interest rates will affect investment costs and yields, thereby inhibiting or promoting productive demand and investment demand. Secondly, the increase or decrease in loan interest rates will affect consumer demand for real estate in two ways.

③National housing policy is also an important factor affecting housing demand. China's original in-kind welfare housing allocation system suppressed the demand for commercial housing; the implementation of a monetary housing allocation policy after the reform prompted residents to purchase commercial housing and expanded the demand for commercial housing.