High housing prices lead to crazy growth of real estate investment, which reduces the international competitiveness of China enterprises, and then leads to a decline in China's trade surplus, rising labor costs and high housing prices, which leads to a substantial increase in real estate investment, thus aggravating the shortage of migrant workers. At the same time, housing prices have risen sharply, leading to an increase in people's basic living costs. These have aggravated the increase of labor cost in China;
The prices of resources and energy are rising. Large-scale real estate development has led to a sharp rise in the price of resources and energy and an increase in financing costs. The high profit of real estate attracts a lot of money, which pushes up the social financing cost, which in turn leads to the increase of social financing cost.
Enterprise's "doing nothing" leads to the relative decline of international competitiveness, and the high profits generated by house prices lead to the increase of opportunity cost of other industries, which in turn leads to many industries "doing nothing" and investing a lot of money, manpower and resources in the real estate industry, which in turn leads to the relative reduction of investment of these enterprises, and also leads to the relatively slow innovation speed of these enterprises, which lags behind competitors in other countries.
The rapid development of real estate has pushed up labor cost, resource price, financing cost, capital and opportunity cost. Finally, the competitiveness of enterprises in China declined. Therefore, China's trade surplus is relatively reduced, and high housing prices lead to a large number of foreign loans from China real estate enterprises.