一线房价暴跌超30%，跌回2016年水平，中产财富为何“蒸发”？

Core Viewpoint - The real estate market in first-tier cities has experienced a significant downturn, with average property prices dropping over 30%, returning to levels seen in 2016, impacting the wealth of middle-class families [1][3] Group 1: Market Performance - Shenzhen leads with a price drop of 39.3%, followed by Shanghai at 30.6% and Beijing at 29.5%, while Hong Kong also sees a decline of 28.8% [1] - 47% of homeowners are facing losses on their properties, with some areas in Shenzhen experiencing declines as steep as 60% [3][5] - The price of a property purchased for 4 million in 2021 is now valued at only 2.56 million, illustrating the drastic loss in value for many middle-class families [3] Group 2: Causes of Price Decline - Continuous policy regulation since 2016, with over 650 measures implemented nationwide, has significantly restrained rapid price increases in first-tier cities [5] - The price-to-income ratio in first-tier cities exceeds 40, indicating that residents would need to save for 40 years without spending to afford a home, leading to a bubble that has now burst [5] - Population decline in major cities since 2023 has reduced housing demand, as high living costs drive many to seek opportunities in second and third-tier cities [5] Group 3: Middle-Class Behavior - Many middle-class families invested all their savings in real estate, driven by a desire for quick wealth accumulation, which has led to significant financial losses [7] - A prevailing belief that property prices would only rise has caused some to miss opportunities to sell at higher prices, resulting in substantial debt burdens [7] Group 4: Future Outlook - The current downturn represents a shift towards a more rational real estate market, where properties are viewed primarily as places to live rather than investment vehicles [8] - Families are encouraged to diversify their investments and focus on long-term financial planning rather than relying solely on real estate [8]