房价大跌的后果，终于暴露了！

Core Viewpoint - The real estate sector, once seen as a barrier to consumption and economic growth, is now viewed as a crucial element for driving economic recovery, especially in light of declining foreign trade and diminishing investment returns [1][9]. Group 1: Real Estate's Impact on Consumption and Birth Rates - The decline in housing prices over the past three years has not led to an increase in consumption or birth rates, contrary to expectations [1][6]. - For the middle class, real estate serves as a form of savings, providing a safety net during financial difficulties [3][4]. - The loss of asset value and liquidity in real estate has created insecurity among the middle class, leading to reduced consumption and lower birth rates [4][6]. Group 2: Economic Implications of Real Estate Decline - The downturn in real estate has adversely affected various upstream and downstream industries, resulting in salary cuts and job losses among the middle class, which further suppresses consumption [4][6]. - The decline in land finance has led to reduced public services and increased costs, impacting infrastructure development [4][6]. Group 3: Future of Real Estate and Consumption - The current housing stock is excessive, and with a declining population, there is a need for a transformation in the real estate sector towards low-density, larger homes [11][15]. - Improving living conditions by building larger homes could stimulate consumption and encourage family growth [15][20]. - The potential for increased consumer spending is significant if housing conditions improve, as larger homes would lead to higher demand for various goods and services [20][24]. Group 4: Strategic Role of Real Estate - Real estate should not bear the entire burden of driving China's economy but remains a strategic pivot for restoring confidence in the economy [24]. - A societal consensus on the role of real estate is essential, recognizing it as a connector of personal wealth, local finance, and national confidence [24].