秦虹：房地产市场全方位分化，一线城市不同区域差别也很大

Core Viewpoint - The current real estate market in China is significantly different from the past, characterized by comprehensive and multidimensional differentiation among cities and regions [1][5]. Group 1: Market Differentiation - The differentiation in the real estate market is no longer limited to tiered cities; even within first-tier cities, there is notable variation, and second-tier cities are also experiencing differentiation [1][5]. - Different areas within cities are showing varying performance, with some new housing products selling well while others do not, indicating a stark contrast between new and second-hand housing [1][5]. Group 2: Quality Housing Performance - High-quality properties in key cities and prime locations are expected to perform well this year, as they possess unique advantages in terms of location, planning, design, and management services that older products cannot match [1][5]. - Cities that did not experience a significant price surge in the previous cycle are not seeing major declines in the current market [3][5].