On September 28, 2023, Xu Jiayin, the chairman of Evergrande Group, was arrested by the Chinese police on suspicion of economic crimes. Mr. Xu was an adventurous businessman who continuously expanded Evergrande's business through the "three-high model" (high leverage, high turnover, and high debt). This risky behavior did not create real value but instead continuously created risks. In fact, many large real estate developers adopted this model, and the nation was very concerned about the situation. Obviously, if the nation does not adopt strict regulatory policies towards the real estate industry, China's economy is likely to encounter systemic risks. The Evergrande Group incident is regarded as a turning point in China's real estate economy. China's real estate industry has experienced 30 years of rapid growth, which is an extraordinary event. During this process, a lot of risks accumulated. Now, it is time to seriously address these problems.