The project explores the real estate industry in China during a transformative period, focusing on how regulatory changes within the banking and financing sector have affected the development and sustainability of the industry. Through case studies of two real estate companies, it examines the dynamics of capital chain management in response to the “three lines and four files” policy adjustments. The research employs interviews and extensive case analysis to understand the successes and failures in managing capital chains amid regulatory reforms. It highlights the importance of strategic capital chain management for real estate companies to sustain growth and navigate market changes. The findings suggest that balanced financial planning, risk management, and market adaptation strategies are essential for long-term success in a rapidly evolving economic and regulatory environment.