北京房价跌了四成，马云预言成真，老破小成烫手山芋？

Group 1 - The real estate market is experiencing significant price declines, with properties in various regions seeing drastic reductions in value, such as a drop from 220,000 to 110,000 in a school district in Beijing [1] - In Shenzhen, high-demand properties have seen prices fall from 120,000 to 70,000, with a substantial increase in unsold inventory, reaching over 150,000 listings [3] - In smaller cities, properties purchased for 5.8 million are now struggling to sell for 3 million, with a vacancy rate of around 70% due to high inventory levels [5] Group 2 - The decline in property prices is attributed to a lack of purchasing power among younger generations, with a significant decrease in the number of school-age children leading to reduced demand for school district properties [6] - The elderly population, many of whom own multiple properties, is also facing challenges in selling their homes, leading to further price reductions in the market [6] - The government has accumulated 6 million housing units, and major developers are facing financial difficulties, with 127 companies going bankrupt in the first half of the year [8] Group 3 - There is a clear distinction in the market, where properties in first-tier cities like Beijing and Shanghai still have some liquidity despite price drops, while third and fourth-tier cities are experiencing severe stagnation [10] - The market is becoming increasingly polarized, with younger buyers opting to rent rather than purchase, and older homeowners unable to sell their properties, leading to a growing trend of "price without market" [10] - Innovative developments, such as smart communities, are performing better in sales compared to older properties lacking modern amenities, indicating a shift in buyer preferences [8]