Recently, a number of housing companies announced plans to issue bonds in the interbank market. It can be seen that under the guidance of the financial management department, the reasonable capital needs of real estate enterprises are being met. According to the information disclosed on the website of the Beijing Financial assets Exchange, China Merchants Shekou Industrial Zone Holdings Co., Ltd. announced the first phase of the medium-term note issuance plan in 2021, which intends to register and issue 3 billion yuan medium-term notes in the interbank market, of which the three-year and five-year issuance scale is 1.5 billion yuan, with the main body and debt rating of AAA. According to the official website of Bank of China Ltd. 's Association of Market Dealers, the registration time of a medium-term note on Merchants Shekou was completed on December 1 last year, with a scale of 1.6 billion yuan. Guangming Real Estate Group Co., Ltd. also issued the prospectus for the third issue of interim notes in 2021. The basic issuance amount of the current note is 100 million yuan, with a maximum issue amount of 580 million yuan and a par value of 100 yuan, with an issuance period of 3 years. The date of issue is November 16 and 17, with annual interest payment, one-time principal repayment and current year interest when due. The amount of the issue is intended to be used to repay the principal and interest of "18 Guangming Real Estate MTN002". Just a day earlier, Poly Development announced that it would issue 2 billion yuan of medium-term notes in the interbank market. Recently, Bank of China Ltd. Inter-Market Dealers Association held a forum for representatives of housing enterprises, and some of the participating housing enterprises planned to register and issue debt financing instruments in the interbank market in the near future. The so-called non-financial corporate debt financing instruments in the inter-bank bond market refer to the securities issued by non-financial institutions with legal personality in the inter-bank bond market and agree to repay principal and interest within a certain period of time, including short-term financing bonds, medium-term bills, small and medium-sized enterprise collective bills and super short-term financing bonds, etc., non-financial corporate debt financing instruments in the interbank bond market are referred to as debt financing instruments. With the housing financing environment showing signs of recovery, market confidence continues to recover in recent days, the capital market is expected to further warm up, the real estate sector and real estate debt once showed a big upward momentum. However, the property index (399241.SZ) fell 2.30 per cent on November 12, after rising 7.05 per cent the previous trading day. In the Hong Kong stock market on the 12th, the performance of real estate stocks differentiated, China Evergrande Group rose nearly 10%, Jianye real estate, fit development and other stocks fell. Market data show that the financing scale of real estate bond financing has tightened in the first 10 months of this year, and the difficulty of issuing bonds has also increased. According to recent data released by KE Holdings Inc. Research Institute, from January to October 2021, domestic and foreign bond financing of real estate enterprises totaled about 799.3 billion yuan, down 24 percent from the same period in 2020, and the capital scale decreased by 246.3 billion yuan. In addition to the tightening of bond financing, the growth rate of real estate loans continues to slow. According to data released by the people's Bank of China, by the end of the third quarter, the balance of real estate development loans was 12.16 trillion yuan, up 0.02% from the same period last year, and the growth rate was 2.8 percentage points lower than at the end of the second quarter. In addition, in the context of the continuous tightening of the property market policy and the strengthening of financing controls, the real estate industry is expected to decline this year, and the fatigue is more obvious from the performance of real estate enterprises in the third quarter. It is speculated that more starving real estate and private enterprises may be able to catch up with the second wave of "emergency". Yan Yuejin, research director of the think-tank Center of the Yiju Research Institute, said that the signal significance of similar bond issuance is relatively strong, and such bond issuance has actually slowed down significantly since May this year, but it is clear that enterprises still need to make steady progress in debt work. The issuance of bonds by Poly and other companies also shows that there has been a second wave of fine-tuning on the basis of the loosening of bank credit, that is, the debt financing policy has begun to adjust, which is a big signal. Based on this, it also plays a positive role in the operation of housing enterprises, contributes to the positive feedback of the capital market in the near future, and also brings benefits to the sales rebates of housing enterprises in the two months at the end of the year. From the perspective of the consumer market, all kinds of home buyers will gradually pay attention to the situation faced by housing enterprises in the near future, which in turn will actively do a good job in marketing based on credit and other financing policies, so some pessimistic sentiment has obviously faded. However, some people in the industry believe that the recent changes do not represent a comprehensive shift in real estate credit policy, only for moderate correction, real estate enterprises will still face greater financial pressure, and the reshuffle under the debt crisis will continue. Yan Yuejin also believes that the current real estate problems are largely related to the way banks used to work on credit. The fourth quarter of this year is the "deviation correction season" of the housing loan policy. Banks will obviously adjust their policies in implementing the "three red lines," and the major banks will also grasp the "three red lines" more flexibly. Active and full support will be given to development loans and other aspects.