Since the 21st century, high housing prices have gradually become a norm state of China's economic system, and its influence on the transformation and upgrading of manufacturing industry has always been an important topic for scholars. From the demand side, high housing prices have a structural adjustment effect on the manufacturing industry by affecting residents' saving behaviors and consumption patterns, which are reflected as both positive and negative effects. From the supply side, high housing prices affect manufacturing transformation and upgrading through production cost mechanism, man...