Yesterday, at the Hexun 2014 Mid-Year Securities Market Strategy Conference, CITIC Securities (600030) Chief Economist Zhu Jianfang stated that since the beginning of this year, the market has been undergoing a medium- to long-term deep adjustment, which means the 15-year golden era of real estate is about to end, and the Chinese economy will enter a post-real-estate era.

Zhu Jianfang said that since the housing reform in 1998, real estate has experienced 15 years of rapid development and has become a pillar industry of the Chinese economy. However, in this year's real estate adjustment, both housing prices and sales volume are declining, and the biggest change is that the supply-demand fundamentals differ from the past. Currently, demand is partially suppressed; once regulation is relaxed, housing prices will rise. Meanwhile, a balance point between real estate supply and demand will be reached in 2015.

At the same time, Zhu Jianfang believes that in 2014 the Chinese economy will be low in the first half and warm in the second half. In the post-real-estate era, the government will adopt policy measures to stabilize growth so that the economy can remain generally stable during the transition period, and the economy will stabilize in the second half of the year. Meanwhile, the service industry, equipment manufacturing, and environmental protection industries will rise and will replace the role of the real estate industry chain.