从房价下跌到经济困局：为何房价不能大跌？

Group 1 - The decline in housing prices has led to increased difficulties for real estate companies, resulting in a halt in sales and a breakdown of cash flow, which affects the entire industry chain [1][3] - When housing prices stabilize, it positively impacts the delivery of properties, as seen in cities like Fuyang, where projects received financing and timely delivery was achieved [3][5] - The average asset allocation in urban households is heavily weighted towards real estate, with property accounting for 67.3% of total assets, indicating that a 10% drop in housing prices could lead to a 6.7% reduction in household net worth [5][7] Group 2 - The real estate sector is interconnected with over 60 industries, and a downturn in housing sales leads to delays in renovations, decreased appliance sales, and layoffs, creating a vicious cycle that negatively impacts the economy [7] - Local government finances are heavily reliant on land transfer revenues, which are projected to decline by 23.5% in 2024 compared to 2023, leading to reduced public service investments [7] - Despite various policy measures introduced to stimulate the market, there is significant market fragmentation, with new home prices slightly increasing while second-hand home prices have decreased, indicating a complex market environment [7]