In the real estate industry, the proportion of project capital refers to the proportion of funds owned by developers to all their development funds. In September, 2004, China Banking Regulatory Commission issued "Guidelines for Risk Management of Real Estate Loans of Commercial Banks", which stipulated that commercial banks required real estate development enterprises applying for loans to have a capital adequacy ratio of not less than 35%. On June 1 day, 2009, the State Council announced the adjustment results of capital ratio of fixed assets investment projects, in which the lower limit of capital ratio of ordinary commodity housing projects was lowered from 35% to 20%.