Under the background of economic downward pressure and high inventory of real estate in 2015，policy stimulated the demand，and sales and price began to pick up. However，due to the change of population flow trend and land supply difference，the first and second tier cities have structural differences to the fourth tier cities. The inventory of residential estate in the first and second tier cities digested faster，and the price picked up，but the inventory pressure in the third and fourth tier cities is stressful. On the commercial real estate，the vacancy rate of the first tier cities is low，while it continues to accumulate in the other cities. Under the background of the pattern of remodeling in the real estate market，the industry accelerates to integration，the case of M&A and restructure increased significantly；at the same time，the real estate enterprises actively seek the transformation model，and try to seek new profit growth through diversification，transformation and expand the industrial chain；while the stock market of real estate is becoming the market focus.

Outlook 2016，the government will further introduce new stimulated policies，and promote the establishment of national housing bank.By the stimulating demand and supply adjustment to digest the inventory in the third and fourth tier cities.Real estate market will show a weak balance，and the housing price of the first and second tier cities will continue to rise with high probability，and the price in the third or fourth tier cities will gradually stabilized by the stimulated policy.Real estate enterprises will accelerate the transformation，and the scale of M&A will expand，and the real estate finance will accelerate development.