to pay close attention to property asset prices, to regulate the market and prevent and mitigate financial risks through monetary and credit policies. distinguished guests, ladies and gentlemen, china is in the historical stage of new industrialization, urbanization and building a moderately affluent society in an all - round way. real estate development and finance have broad prospects. i hope that property developers and financial institutions can collaborate and seek common growth to make new and greater contributions to the healthy development of china ’ s real estate industry.

and expand the primary real estate financial market. second, mortgage securitization shall be pushed forward to build the secondary real estate financial market. mortgage securitization refers to conversion of mortgage loans extended by financial institutions to securities ( mainly bonds against mortgage loans as collateral ), which can be traded on the secondary market and resold to investors, thus fulfilling the purpose of financing and transferring risks of mortgage loans to myriad market investors. functioning of the secondary market not only provides stable funding sources for the primary market, but also greatly enhances security and liquidity of mortgage loans, thus achieving the objectives of diversifying and managing risks and proving a medium and long term investment instrument with relatively good credit rating for the securities market. in the u. s. mortgage - backed securities guaranteed by the federal financial intermediaries have similar credit ratings to government bonds. furthermore, because of higher yielding in the secondary market, mortgage - backed securities enjoy good popularity among medium and long term investors such as insurance and pension funds. 3. stepping up the development of real estate financial intermediaries to improve the institutional structure of real estate financial market. in line with the objective of an integrated real estate financial market, a multi - tier real estate financial institutional structure shall be put in place. various financial institutions engaged in mortgage lending, real estate financial guarantee, property trust, property leasing and property insurance shall be included in the institutional framework. first, feasibility of other financial institutions ’ entry to the real estate market ( such as insurance companies and investment fund ) shall be studied actively. second, the development and improvement of other real estate financial institutions such as trust and fund shall be encouraged. third, agencies that engage in operating real estate loans securitization and guarantee provision shall be fostered and developed to establish an institutional structure of secondary market. fourth, real estate financial insurance system with mortgage insurance at the core shall be put in place. mortgage insurance and property quality insurance shall be developed forcefully together with the existing moderate housing property insurance, real estate liability insurance, and real estate personal insurance. 4. fostering specialized intermediary service institutions actively to build the service supporting system for the real estate financial market. with the establishment and perfection of the socialist market economy, labor division will be increasingly diversified. if financial institutions are to survive, grow and succeed in the complex market environment, they have to rely on a comprehensive and efficient supporting system. at present the information supporting system needs to be worked out urgently, because in face of