房价，跌成了故事！

Core Viewpoint - The article highlights the significant decline in China's real estate market over the past decade, with many areas experiencing prices returning to levels seen ten years ago, indicating a prolonged downturn in the sector [2][3]. Group 1: Real Estate Investment Trends - Real estate investment in China has seen a substantial decline, with a reported investment of 60,309 billion yuan from January to August 2023, marking a year-on-year decrease of 12.9% [6][11]. - The investment in residential properties also fell by 11.9%, contributing to a broader trend of negative growth that has persisted since April 2022 [6][10]. - The overall investment scale is projected to drop to around 9 trillion yuan for the year, reflecting the largest decline in recent years [11]. Group 2: Sales Performance - The sales of new commercial housing have also seen a significant downturn, with a total sales area of 57,304 million square meters from January to August 2023, down 4.7% year-on-year [13][15]. - The sales revenue for new commercial housing reached 55,015 billion yuan, representing a 7.3% decline compared to the previous year [13][15]. - The decline in sales has been consistent since 2021, with no signs of recovery, and the first eight months of 2023 recorded the largest year-on-year drop in both sales area and revenue [15][16]. Group 3: Regional Disparities - The Northeast region experienced the most significant decline in real estate investment, with a year-on-year drop of 22.9% [16]. - In terms of sales, the Eastern region also faced the largest declines, with a 7.1% decrease in sales area and an 8.1% drop in sales revenue [16]. - The overall trend indicates that all major regions, including East, Central, and West, are experiencing declines in both investment and sales [15][16]. Group 4: Price Trends - The price of second-hand homes in Beijing has seen a notable decline, with reports indicating a drop of 30.7% from peak levels, returning to prices last seen in August 2016 [34][32]. - The overall trend in major cities shows significant price reductions, with Shanghai down 31.6% and Guangzhou down 33.9% from their respective peaks [34]. - Despite new policies aimed at stimulating the market, the price adjustments continue, with a high percentage of listings in major cities being reduced [29][48]. Group 5: Policy Responses - New measures have been introduced in major cities like Beijing, Shanghai, and Shenzhen to stimulate the housing market, including easing restrictions on home purchases for both single individuals and families [38][42]. - The policies aim to create a more favorable environment for homebuyers, but the effectiveness of these measures remains uncertain as the market continues to face downward pressure [45][51]. - The recent policy changes have led to a slight increase in transaction volumes, but the overall sentiment in the market remains cautious [45][46].