The first stage: theoretical breakthrough and pilot stage (1978 to 1991).

In 1978, the theorists put forward the viewpoints of housing commercialization and land property rights. In September 1980, the Beijing municipal housing construction office was listed, and the Beijing City Development Corporation was set up, which opened the prelude to the comprehensive development of real estate. In 1982, the State Council conducted a pilot project in four cities. Land use fees were levied in Guangdong and Chongqing in 1984. 1987 to 1991 is the starting stage of China's real estate market. In November 26, 1987, the Shenzhen municipal government invited public bidding to sell housing land. In 1990, the housing reform plan of Shanghai was introduced, and the housing provident fund system began to be established. Since 1991, the State Council has approved the general plan of housing reform in 24 provinces and municipalities.

The second stage: the stage of irrational speculation and adjustment (from 1992 to 1995).

The housing reform started in 1992 and the housing provident fund system was fully implemented. In 1993, the "housing project" began to start. Since 1992, the real estate industry has grown rapidly and the monthly investment growth has been as high as 146.9%. The real estate market has been in a chaotic situation in some parts of the country, and there are more obvious real estate bubbles in some areas. By the end of 1993, the growth rate of investment in real estate industry has generally dropped sharply after macroeconomic regulation and control. The real estate market began to recover after a period of downturn.

The third stage: relatively stable and coordinated development stage (1995 to 2002)

With the deepening of the housing system reform and the improvement of residents' income level, housing has become a new consumption hot spot. After 1998, with the abolition of the housing physical distribution system and the implementation of the mortgage policy, real estate investment has entered a period of stable and rapid development, and the real estate industry has become one of the pillar industries of the economy.

The fourth stage: prices continue to rise, the new stage of a number of regulatory measures (since 2003)

Since 2003, housing prices have continued to rise, and housing sales prices in most cities have risen significantly. Subsequently, a number of regulatory policies for the real estate industry were introduced. As early as 1978, it has gone through 30 years.