Based on the related theory of real estate development and macro-economics, this paper takes Shanghai as an example to calculate the economic effect and social employment effect of the real estate industry. Focused on the theory of leading industry, it is clear whether the real estate industry is the pillar industry of the national economy. And the paper further analyses whether there is a causal relationship between the real estate pillar industry positioning and the development overheating and regulation atrophy, and whether the price fluctuations, excessive financing, and other development issues in the real estate industry development attribute to the positioning of pillar industries. The study provides the basis to further clarify the direction of future real estate development and macro-control.
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