In early February 2021, the Shenzhen Housing and Construction Bureau issued the reference price list for secondhand apartments in 3,595 residential communities in response to the city’s overheated property market. Local authorities said the measure is aimed at guiding real estate agencies in issuing reasonable prices and helping banks to check loan risks through a higher level of information transparency. According to Shenzhen Real Estate Intermediary Association, Shenzhen’s secondhand housing market has cooled since the policy was released. Cities across the country including Chengdu, Xi’an, Wuxi and Shanghai introduced similar policies. Securities analysts argue that Chinese real estate market dividends will rely more on management instead of land resources and finance, which will test real estate developers’ cost and efficiency control as well as pricing capability. In the process, small and weak real estate developers will be phased out.