没想到李嘉诚说中了，中国手握两套房的家庭，或注定3个结果

Core Insights - The Chinese real estate market has entered a deep adjustment phase since March 2023, with significant declines in both sales area and sales revenue compared to the previous year [1][3] - The average price of second-hand residential properties in 100 key cities has been on a downward trend for nine consecutive months, indicating a broader market weakness [1][3] Market Performance - From January to November 2023, the total sales area of commercial housing reached approximately 1.212 billion square meters, a year-on-year decrease of 23.3% [1] - The sales revenue for the same period was 11.86 trillion yuan, down 26.6% year-on-year [1] - As of the end of November, the unsold inventory of commercial housing rose to about 552 million square meters, an increase of 10.0% compared to the same period last year [1] Second-hand Housing Market - The average price of second-hand homes in November was 15,231 yuan per square meter, reflecting a month-on-month decline of 0.62% and a year-on-year decrease of 2.86% [1] - The price drop in the second-hand market has been more pronounced, with the decline accelerating compared to previous months [1][3] Investor Sentiment - Many property investors, particularly those holding multiple properties, are facing significant challenges due to the ongoing price declines and market conditions [4][6] - The expectation of continued price drops is causing anxiety among homeowners, even in prime locations of first-tier cities [6] Market Dynamics - The number of second-hand homes listed for sale has surged, particularly in first-tier cities, following the implementation of policies that recognize ownership rather than loans [8] - In Beijing, the number of second-hand homes listed has exceeded 150,000, while in Shanghai, it has surpassed 180,000 [8] - The overall demand for housing is shrinking, exacerbated by declining household incomes due to the pandemic [8] Financial Pressure on Homeowners - Homeowners with multiple properties are experiencing increased financial pressure, including higher monthly expenses and mortgage burdens, especially after three years of pandemic-related challenges [9]