The embarkment of the 4 trillion yuan stimulus plan has encouraged various capitals to swarm into the real estate industry and boosted an "irrational prosperity" of it. But ANBOUND research team suggests that when the effect of “stimulus” is gradually fading out and the economy returns to its “new normal” step by step, local financial risks will be looming out because of falling back of the real estate market. This phenomenon is worthy of high attention from such regulators as China's central bank and CBRC (China’s Banking and Regulatory Commission).