In the autumn of 2018, Vanke painted the slogan "Survive" in red at its autumn meeting, which was seen by the outside world as "prophetic awareness." Looking back seven years later, it seems more like a self-fulfilling prophecy: while the industry's high turnover logic still glided by inertia, Vanke took the lead in shrinking land acquisition and controlling debt, yet could not escape the "Davis double kill" of collapsing macro demand and frozen financing. The credit of Chinese real estate companies is essentially a lever amplifier of "land credit + government credit." When land prices stop rising and government credit selectively withdraws, extension is no longer a technical action, but a critical point in the game among "government - enterprise - market." Vanke's extension turned the critical point into an open fact.