China's annual excess money does not directly flow into the housing market, but flows into the market through various channels, and then indirectly flows into the housing market through a series of economic activities and bank loans. Here are some possible ways:

1. financial channel: the government issues treasury bonds, the central bank buys treasury bonds, and the government uses the money for investment or consumption after receiving them, thus flowing into the market.

2. Foreign exchange reserves: enterprises have a surplus in export trade and earn a lot of foreign exchange. Banks directly convert foreign exchange into RMB for enterprises to use, so that the extra money flows directly into the hands of enterprises.

3. The central bank provides loans to commercial banks: Commercial banks can borrow from the central bank in the form of bill mortgage. Commercial banks lend money to enterprises and individuals, so that extra money will circulate.

In all these aspects, the issuance of money will lead to an increase in the amount of money in the market, thus pushing up housing prices. However, the specific price increase will depend on the relationship between supply and demand, policy regulation, economic development and other factors.