Whether real estate surges depends on policy, not liquidity

Land prices move first, and those real estate stocks follow—since their companies hold massive land reserves, valuations need to be repaired, so they ride the wave.

We're looking at real estate stocks today, and the fact that they can't hold gains is totally normal. Think about it: how do property companies actually make money?
They buy land, build homes, and sell the units—that's the basic model, right?
But selling requires lottery-style bidding, and those lotteries come with price caps.
Get it?

So how do they profit? They don't. Profits are locked in, and any margin gets captured by the lottery winners instead of the developers.
Given that, why would anyone think their stocks are worth buying? There's no real profit to be had.
Who in their right mind would go out of their way to buy real estate company shares?