“纸面财富”崩塌？比房子卖不动更担忧的3件事，已经悄悄在城市蔓延

Group 1 - The core viewpoint indicates a significant decline in real estate transactions, with a 29% drop in sales volume in six major cities compared to the previous year, highlighting a troubling trend in the housing market [1] - Developers are resorting to promotional tactics such as "buy a house, get renovations or parking spaces," but many buyers are financially strained, leading to a 60% increase in contract cancellations for new homes in the first five months of the year [3] - The market is shifting towards lower-priced properties, with 46% of second-hand homes in Guangzhou selling for under 2 million, and 58% in Nanjing, indicating a trend towards affordability [5] Group 2 - The middle class is finding it increasingly unrealistic to upgrade their homes, with a 37% decrease in those seeking loans for better housing, while borrowing among tech employees has doubled [6] - Large insurance funds have shifted their investments towards stable rental projects like logistics parks and long-term apartments, with a 40% increase in real estate investments in the first half of 2025, indicating a change in investment strategy [8] - The current market dynamics reflect a fundamental shift in investment logic, where the focus has moved from property appreciation to stable rental income, as evidenced by 80% of transactions in Beijing occurring outside the fifth ring road [8][10]