Any speculative market has such characteristics that in the highest price range, the last batch of buyers who could not restrain their impulse poured all into the market. With the desire to buy being satisfied, the bidding disappeared, and then only sellers remained in the market, which was "Jessel Paradox." Serious mismatches and distortions of credit resources can trigger financial collapse, and a minor accident or rumor may lead to market collapse. In the current China's real estate market, leading areas such as Beijing, Shanghai and Shenzhen, and even second-tier cities such as Nanjing, Hangzhou, and Xiamen, housing prices seem to have the "Jesser Paradox" that quantities of high-priced houses are facing the question of whom to sell to. A house can be worth millions or even tens of millions, and no matter how bold banks are, they will not dare to lend whatever they want. In many places, even the first time homebuyers with inelastic demand has to face the rising rate, which means that the long-term unlimited credit support in the past cannot continue. Therefore, we must recognize the stability and predictability of the intrinsic value of the currency, improve the financial system, and correct serious credit distortions and mismatches in order to benefit the stability of the economy and asset prices. In the face of economic laws, we must know how to be humble, and we must be in awe of the market as well as its inherent laws.
