With unclear nature, complex subordination structure, and non-market operation and management, specialized intermediaries such as asset appraisal, credit rating, risk evaluation, financial guarantee and legal consultancy agencies are still weak. More importantly, lacking a sound credit environment, especially weak credit awareness of enterprises, is no good for the healthy development of the real estate financial market.
Fourth, lacking an integrated primary market for real estate finance as well as a secondary market. In the primary market (mortgage market), basically only commercial banks are providing mortgage loans,  2  BIS Review 46/2004  unfavorable for a diversified and competitive market. The long maturity of mortgage loans necessitates the establishment of a secondary market (mortgage transfer market) to improve liquidity.