As some private real estate enterprises encounter financial problems, land investment is unsustainable, and the local land market is also in a downturn. Some Hong Kong funded real estate enterprises with abundant funds seem to see opportunities. For example, the old Hong Kong enterprise Henglong real estate said at the 2021 performance conference that “in this environment, it may become the best opportunity for us to buy land”. In addition, in recent years, Hong Kong funded real estate enterprises such as Hong Kong industrial international, Hong Kong land, Ruian and Shanghai New World Co.Ltd(600628) have also made frequent moves in the mainland real estate market. Are private housing enterprises good at increasing their leverage in the current adverse operation cycle? Can the increased positions of Hong Kong enterprises partially fill the market vacancy caused by the withdrawal of private enterprises?