Recently, the CSRC released news that it decided to adjust and optimize five measures in terms of equity financing, marking that the "third arrow" to support real estate market financing has been launched. So far, the stability of real estate financing has formed a "three arrows" trend of credit, bond and equity financing. In the context of the overall downturn in the real estate market and the blocked capital sources of real estate enterprises, financial support policies for the real estate market have been intensively introduced in the past month. It is expected that this will help promote the real estate market to revitalize the stock, prevent risks, transform and develop, and better serve to stabilize the macroeconomic market. The real estate industry is associated with many upstream and downstream industries, and its virtuous circle is of great significance to the healthy development of the economy. The steady and healthy development of the real estate market is also related to the stability of the financial market and the overall economic and social development. Promoting the steady and healthy development of the real estate market is an important part of stabilizing the macroeconomic market. The real estate market needs to stabilize and recover, and it also has the basis for further achieving stable and healthy development. The "real estate crisis" and "decline of the construction industry" hyped by overseas media in China are one-sided. China is still at the peak of urbanization and the initial stage of rural revitalization. The investment in fixed assets of the whole society has great growth potential. Therefore, it is timely to stabilize the real estate financing and effectively solve the reasonable financing needs of the real estate industry with the "three arrows". As the "first arrow", "credit" is not so strong in the near future. On November 23, the People's Bank of China and the CBRC issued the Notice on Doing a Good Job in the Current Financial Support for the Steady and Healthy Development of the Real Estate Market, which is known as the "16 Articles of Finance". It is specified that the loan for real estate development will be stabilized. In response to the risk exposure of some real estate enterprises in the early stage, which led to overdue housing delivery, the relevant departments have issued a special loan of 200 billion yuan for "guaranteed housing delivery" to support the construction and delivery of the sold overdue and difficult to deliver housing. On the basis of special loans, the People's Bank of China will launch a 200 billion yuan loan support plan for six commercial banks to provide zero cost funds for commercial banks to encourage them to support the work of "building protection". A number of banks quickly implemented the relevant requirements of the "16 Articles of Finance". Recently, banks have signed strategic cooperation agreements with real estate enterprises. Statistics show that more than ten real estate enterprises have accumulated more than 1 trillion yuan of intentional credit lines from banks. As the "second arrow", the "private enterprise bond financing support tool" has been promoted and expanded recently. Under the policy framework, China Bond Promotion Corporation issued a letter of credit enhancement for the issuance of bonds to three private housing enterprises, namely Longhu Group, Midea Real Estate and Jinhui Group. It plans to support the first three enterprises to issue medium-term notes of 2 billion yuan, 1.5 billion yuan and 1.2 billion yuan respectively. In fact, China Bond Promotion Corporation has received nearly 100 private housing enterprises' credit enhancement business intentions through the open business mailbox. In addition, China Association of Interbank Market Dealers has successively accepted the shelf registered issuance of 20 billion yuan, 15 billion yuan and 15 billion yuan from Longhu, Midea and Xincheng Holdings. Vanke expressed its intention to register and issue RMB 28 billion in shelf format to the dealers association, and Jindi submitted an application for registering and issuing RMB 15 billion in shelf format. The "second arrow" effectively guides market institutions to improve their risk preference and financing atmosphere for private enterprises, effectively easing the credit of private enterprises