According to the monitoring by the China Index Academy, in 2024, the Real Estate Industry achieved bond financing of 565.31 billion yuan, which is a year-on-year decrease of 18.4%. The industry began its downward cycle in the second half of 2021, with a significant decline in financing scale, and the downward trend continued in 2024, with a greater decline than last year. Among them, credit bonds decreased by 18.5% year-on-year, overseas bonds decreased by 69.5% year-on-year, and ABS decreased by 13.6% year-on-year. Overseas bonds continued to decline from a low level, while credit bonds became the absolute main force in financing, with ABS financing accounting for over one-third. In terms of single months, since September, influenced by last year's low base, the total amount of bond financing has continuously turned positive year-on-year on a monthly basis, and financing for real estate companies has slightly warmed, but its sustainability remains to be seen.