Substitutability is not housing, the supply of housing demand growth, land, capital constraints, and so scarce, the demand will be decided next few decades the basic trend of our real estate market.

• 住房的不可替代性，住房需求增长的刚性，土地、资金稀缺的约束等等，决定了供不应求将是未来几十年我国房地产市场的基本走势。