The real estate industry in Shandong Province is facing the Matthew effect of overheating in the core cities and overcooling in the peripheral cities, highlighting the deep-seated contradiction of institutional changes lagging behind market changes. The industry's pain points include the inefficiency of infrastructure investment due to the dependence on land finance, the risk of hollowing out of the industry caused by the "real estate + culture and tourism" model, and the vicious cycle of population loss and rising housing vacancy rate in counties. At the institutional level, the urban-rural dual land system restricts the market allocation of land elements, and the shortcomings of the fiscal and taxation system aggravate the local dependence on land finance. Market conflicts are reflected in the structural imbalance between the surplus of high-end housing and the insufficient supply of subsidized housing, and speculative demand continues to disturb the "housing without speculation" positioning. At the risk level, the liquidity crisis of small and medium-sized real estate enterprises has penetrated into the financial system, and the high leverage of the residential sector has further squeezed the consumption potential. Research recommendations: (1) Deepen the reform of the land system, and build a "people, land and money linked" dynamic matching mechanism. (2) Accelerate the landing of the pilot property tax to optimize the real estate tax structure. (3) Implement "one city, one policy" precise control, and promote the integration of real estate with intelligent manufacturing and health care industry. (4) Establish a credit grading management system for real estate enterprises and a penetrating supervision system for pre-sale funds to prevent systemic risks and realize high-quality development of the industry.

Haining Fang. Study on the Development Situation and Improv-Ement Countermeasures of Real Estate Industry in Shandong Province. Academic Journal of Business & Management (2025), Vol. 7, Issue 6: 23-30. https://doi.org/10.25236/AJBM.2025.070604.

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