The Impact of “Three Arrows” Policies on China’s Real Estate Market: An Event Study

China’s economy has been sluggish in the wake of the COVID-19 pandemic, and consumer confidence has plummeted, leading to a gradual decline in the country’s property sector. Plus, with the tightening of financing policies in previous years, numerous real estate enterprises have encountered financing difficulties and even risk bankruptcy. China must face up to the challenges of reviving its property sector. This study first summarizes China’s real estate industry trends and policies in recent years. Then selects six real estate enterprises according to the “three arrows” policies (respectively published on November 21, November 23, and November 28, 2022) of real estate financing in the financial Article 16 issued by the government on November 11, 2022. Through event analysis, we find that the three-arrow policy issued by the government had a positive impact on the revival of the real estate industry.