Core Viewpoint - The narrative highlights the struggles of individuals from the 70s generation in China, particularly focusing on the challenges faced in the housing market and the emotional toll of being a "mortgage slave" amidst rising property prices and subsequent declines in value [1][10]. Group 1: Housing Market Experience - The protagonist, Mr. Zheng, reflects on the difficulties faced during his youth, including missing out on state job allocations and experiencing economic downturns, which shaped his perspective on financial stability [1]. - In 2015, motivated by the skyrocketing housing prices, Mr. Zheng and his wife decided to purchase a home for their child, despite the financial strain it would impose [3]. - The process of securing a home involved intense competition, with long hours spent waiting in line to participate in lotteries for purchasing opportunities [3]. Group 2: Financial Burden - After successfully obtaining a purchase opportunity, Mr. Zheng faced the daunting reality of high property prices, leading to significant financial stress with a mortgage exceeding one million yuan [5]. - Monthly mortgage payments of over 8,000 yuan severely impacted the family's quality of life, forcing them to cut back on expenses and forgo leisure activities [7]. - The emotional and physical toll of financial strain is evident, with Mr. Zheng experiencing health issues as a result of the stress associated with mortgage payments [7]. Group 3: Market Decline and Emotional Impact - Despite eventually receiving the keys to their new home in 2019, the family faced a declining housing market, resulting in a significant loss in property value [8]. - The realization that years of hard work and financial sacrifice had led to a devalued asset left Mr. Zheng and his family feeling despondent and regretful [8]. - The sentiment of being a "mortgage slave" resonates with many individuals from various generations who have faced similar housing market challenges [10][12].

Group 1 - The real estate market is experiencing a significant downturn, with 68 out of 70 major cities reporting a month-on-month decline in housing prices, averaging a drop of 7.32% [3][5] - The number of second-hand homes for sale has reached a record high of 7.5 million, indicating a severe imbalance between supply and demand, leading to a stagnant market where sellers are unable to find buyers [5][12] - The disparity between first-tier cities and lower-tier cities is widening, with some areas seeing price drops of 30-40% compared to their peak in 2022, while third and fourth-tier cities are experiencing even steeper declines [5][7] Group 2 - The current housing market is characterized by a significant inventory of unsold properties, with a total inventory of 760 million square meters, reflecting a mismatch between supply and buyer interest [12] - Young people's willingness to purchase homes is declining, with only 48% of individuals aged 25-30 expressing interest in buying, down from 65% five years ago, indicating a shift in perception regarding homeownership [12][14] - Economic factors are reshaping the real estate landscape, with the sector transitioning from being a cornerstone of the economy to a less central role as resources shift towards new industries like renewable energy and AI [16][18] Group 3 - Future housing price trends could follow three potential paths: continued decline, stabilization due to policy interventions, or a slowdown in the rate of decline with further market differentiation [20][22] - If structural issues remain unresolved, predictions suggest that first-tier cities could see an additional 10-15% drop in prices, while third and fourth-tier cities might experience declines of 20-30% [20][22] - The market is expected to evolve, with some cities stabilizing while others continue to decline, marking a departure from the previous "one-size-fits-all" approach to real estate [22][24]

Core Viewpoint - The Chinese real estate market is experiencing significant price declines, with 68 out of 70 major cities reporting a drop in second-hand housing prices, indicating a shift in market dynamics and consumer sentiment [2][4][10]. Market Trends - The current downtrend in housing prices is unprecedented in the last two decades, with a record high of over 7.5 million second-hand homes listed for sale [4][10]. - In 2025, the average price of second-hand homes across 100 cities fell by 7.32% year-on-year and 0.77% month-on-month [10]. - The total inventory of commercial housing reached 760 million square meters, reflecting a supply-demand imbalance in the market [11]. Price Adjustments - Major cities like Beijing, Shanghai, Guangzhou, and Shenzhen have seen price declines exceeding 30%, with Shenzhen experiencing a drop of over 40% [8][24]. - In some third and fourth-tier cities, housing prices have fallen below 4,000 yuan per square meter, approaching the 3,000 yuan mark [16]. Consumer Behavior - There is a notable shift in consumer attitudes towards homeownership, with the willingness to buy among the 25 to 30 age group dropping from 65% to 48% [18]. - The traditional view of real estate as a means of wealth accumulation is changing, with more young people opting for renting and financial management instead of purchasing homes [18][22]. Policy Changes - Housing policies are evolving, with a focus on stabilizing the market rather than driving speculative investments, as seen in the relaxation of purchase and loan restrictions [20][26]. - The government is directing financial resources towards emerging industries like technology and renewable energy, moving away from reliance on real estate for economic growth [26][27]. Future Outlook - Goldman Sachs predicts that housing prices have already declined by 20%, with an additional potential drop of 10% expected [24]. - The real estate sector is undergoing a structural transformation, transitioning towards a healthier long-term trend despite ongoing downward pressures [27][28].

Core Viewpoint - The real estate market in China is undergoing a significant transformation, with a projected decline in property values over the next five years due to demographic shifts, oversupply, and decreasing purchasing intent among younger generations [1][3][11]. Group 1: Demographic Changes - The aging population in China is increasing rapidly, with 60+ individuals reaching 310 million, accounting for 22% of the total population. This is expected to exceed 400 million by 2035, representing nearly 30% of the population [3]. - The primary home-buying demographic is shrinking, as the younger population (those born in the 90s and 00s) is significantly smaller than older generations [3][7]. - Approximately 70% of individuals aged 60 and above already own homes and show little interest in purchasing additional properties, while younger buyers are deterred by high prices and financial pressures [3][9]. Group 2: Supply and Demand Dynamics - There is a significant oversupply in the housing market, with 6 billion homes available, which is sufficient for 30 billion people, while the current population is only 1.4 billion [3]. - Over 10 million new homes are added to the market annually, but demand is declining, with 96% of families already owning homes [3][9]. - In a recent case, a property development in a third-tier city sold only 50 out of 300 units in six months, highlighting the lack of buyers rather than a shortage of homes [3][9]. Group 3: Future Property Value Projections - In core areas of first-tier cities, property values may decline by 10-15%, bringing a 2 million yuan property down to approximately 1.7-1.8 million yuan [4]. - In non-core areas of second-tier cities, property values could drop by 20-25%, resulting in a value of about 1.5-1.6 million yuan [4]. - In third and fourth-tier cities, property values may decrease by 30-40%, leading to a valuation of around 1.2-1.4 million yuan [4]. Group 4: Market Sentiment and Investment Strategy - The investment appeal of real estate is diminishing, prompting a shift towards other asset classes such as stocks and funds [8]. - The notion that housing is primarily for living rather than speculation is gaining traction, aligning with the "housing is for living, not for speculation" policy direction [11]. - The market is expected to undergo a "de-bubbling" process, where property values align more closely with their actual living value rather than speculative gains [11].

Core Viewpoint - The real estate market, particularly the second-hand housing market, is experiencing significant price declines, leading to a loss of pricing power for homeowners and increased pressure from real estate agents to lower prices [1][3][5]. Group 1: Market Conditions - Housing prices are continuously declining, especially in the second-hand market, causing homeowners to feel urgent pressure to sell [1][3]. - The number of properties for sale in the same neighborhood is increasing, giving buyers more options and leading to longer transaction cycles [3]. - Over 95% of properties have shifted from being investment assets to consumer goods, with buyers hoping for further price drops before purchasing [5]. Group 2: Role of Real Estate Agents - Real estate agents play a crucial role in the transaction process, but their focus has shifted to facilitating sales by pressuring homeowners to reduce prices [6][10]. - Agents often manipulate the market by creating a sense of urgency among homeowners and using tactics to lower prices, which disrupts fair market pricing [8][12]. - The current market dynamics allow agents to dictate pricing based on their control of information, undermining the negotiation power of both buyers and sellers [10][12]. Group 3: Calls for Regulation - There are growing calls for government intervention to break the information monopoly held by real estate agents and to regulate their practices for fairer transactions [13].

Core Viewpoint - The traditional belief that "owning a house means having a home" is fading, and a new rental era is emerging in China, with predictions indicating a complete transition to a rental market by 2030 [2][4]. Group 1: Historical Context - Over the past two decades, a significant surge in home buying occurred, with nearly 80% of urban residents purchasing homes and 42% of urban families owning two or more properties [4]. - The housing market experienced extreme fluctuations, with prices soaring from 2015 to 2019, followed by a sharp decline in 2021, leading to widespread regret among buyers who entered the market at high prices [4]. Group 2: Current Trends - Population aging and declining birth rates signal a diminishing demographic dividend, while urbanization in China has reached 65%, raising questions about the sustainability of rising home prices [6]. - There is a notable oversupply of housing, particularly in lower-tier cities, with high vacancy rates exacerbated by population outflow and declining birth rates, contributing to downward pressure on prices [6]. - The second-hand housing market is witnessing a surge in listings, with over 7 million properties currently on the market, indicating a competitive environment that is likely to drive prices down further [6]. Group 3: Emergence of the Rental Market - The rental market is expanding, with the scale of housing rentals growing from 180 million to 200 million in recent years, and projections suggest that urban rental populations could exceed 260 million by 2030 [7]. - A cultural shift is occurring, with more young people embracing the idea of "renting to marry," signaling a transition towards a rental-centric lifestyle [7]. Group 4: Implications for the Real Estate Market - The increasing preference for renting among younger generations, driven by economic pressures and a desire for flexibility, poses significant challenges for property owners, making it harder to sell homes [8]. - The evolving housing culture and changing living habits will have profound impacts on the real estate market, necessitating adjustments from both landlords and investors [8]. Group 5: Strategic Considerations - As the rental market matures, it may persist longer than anticipated, prompting potential homebuyers to make informed decisions based on their financial capabilities and needs [10]. - Investors should diversify their portfolios and adapt strategies, such as converting older properties into rental apartments targeted at younger demographics, to achieve stable returns [10]. Group 6: Conclusion - The impending rental era requires a reevaluation of housing strategies, urging individuals to move away from outdated beliefs and embrace the changes in the housing landscape [12].

Core Viewpoint - The Nanjing real estate market has been experiencing a downward trend in both new and second-hand housing prices and transaction volumes since the second half of 2025, indicating a deep adjustment phase in the market [1][2][5]. New Housing Market - From January to August 2025, Nanjing's new residential supply totaled 136.82 million square meters, a year-on-year decrease of 22.53%, while total transactions reached 202.40 million square meters, down 14.40% year-on-year [1][2]. - In August 2025, the transaction volume for new residential properties was 17 million square meters, representing a month-on-month decline of 18% and a year-on-year decline of 44% [2]. - The average sales price index for new residential properties in Nanjing fell by 0.6% month-on-month and 1.3% year-on-year in August 2025, with an average cumulative decline of 1.9% from January to August [2]. Second-Hand Housing Market - In the first eight months of 2025, the total transaction volume for second-hand housing in Nanjing was 577 million square meters, a year-on-year decrease of 4% [5]. - In August 2025, the transaction volume for second-hand housing was 58 million square meters, down 12% month-on-month and 23% year-on-year [5]. - The average sales price index for second-hand residential properties fell by 0.7% month-on-month and 6.2% year-on-year in August 2025, with a cumulative average decline of 5.3% from January to August [5]. Price Adjustments - The proportion of second-hand housing communities with price reductions has been increasing, with 68% of high-frequency trading communities experiencing price declines in August 2025, marking a significant increase from the previous month [7]. - In August 2025, 77% of high-frequency trading communities had their listing prices reduced, the highest proportion in nearly a year, with an average decline of 10.3% compared to August 2024 [14]. - The downward price adjustment is particularly pronounced in the first-time buyer and improvement segments, with 71% and 65% of properties in these categories, respectively, experiencing price declines in August [16]. Market Dynamics - The core issue driving the continuous decline in Nanjing's housing prices is the pressure from inventory and high land supply [18]. - The narrow inventory digestion cycle is less than 20 months, but the broad inventory digestion cycle is approaching 10 years, leading to a significant amount of residential land becoming "dead stock" [18]. - To stabilize the market, it is suggested that authorities focus on supporting key trading segments and optimizing supply-side measures, while also linking land supply to broader inventory levels to alleviate long-term inventory pressures [18].

Group 1 - The core viewpoint of the article indicates that while housing prices continue to decline overall, there are some positive changes in specific markets, particularly in new housing prices [2][7]. - In August, the number of cities with stable or rising new housing prices increased by 3 to a total of 13 cities, suggesting a slight improvement in the market [2][3]. - The maximum month-on-month increase in new housing prices was 0.4%, with cities like Shanghai, Hangzhou, and Yichang showing this increase, compared to a previous maximum of 0.3% [2][3]. Group 2 - Policy actions in August were limited, with new support measures introduced in major cities like Beijing, Shanghai, and Shenzhen, but their immediate impact on the market remains uncertain [2][7]. - In terms of year-on-year comparisons, five cities, including Shanghai, Hangzhou, Chengdu, Taiyuan, and Urumqi, experienced increases in new housing prices [3][4]. - Conversely, the second-hand housing market showed a bleak outlook, with only one city, Changchun, reporting a month-on-month increase, while all other cities continued to see declines [4][7]. Group 3 - The overall trend in August indicates a continuation of the downward trajectory in housing prices, but the commitment to "promote the real estate market" suggests that measures will be taken to stabilize and potentially reverse this trend [7]. - The article emphasizes that the stabilization of second-hand housing prices is crucial for the overall market recovery, as no city has reported an increase in this segment for several months [7].

Core Viewpoint - The real estate market continues to decline, with various metrics hitting multi-year lows, raising concerns about potential stimulus policies in the coming months [1][2]. Group 1: Market Performance - National real estate development investment from January to August 2025 reached 60,309 billion yuan, a year-on-year decrease of 12.9%, with the decline accelerating compared to previous months [2]. - The sales area of commercial housing from January to August 2025 was 57,304 million square meters, and the sales amount was 55,015 billion yuan, representing year-on-year declines of 4.7% and 7.3%, respectively [4]. - The sales area has reached a near 15-year low, while the sales amount has hit a near 10-year low, with both metrics at only half of the levels seen during the peak in 2021 [4]. Group 2: Price Trends - In August 2025, new home prices in 70 major cities saw a month-on-month decline in 58 cities, with only 8 cities experiencing price increases [8]. - The new home prices in Xi'an have fallen for 12 consecutive months, with a month-on-month decrease of 0.6% and a year-on-year decrease of 4.7% in August 2025 [10]. - The second-hand housing market is even more challenging, with only one city, Changchun, seeing a month-on-month price increase in August 2025, while the remaining 69 cities experienced declines [10]. Group 3: Developer Challenges - The decline in sales area and sales amount is expected to further impact developers' land acquisition budgets, leading to a continued decrease in investment [8]. - Developers are under pressure to lower prices to stimulate sales, with many older projects joining the price-cutting trend [13][14]. - There are rumors of a "price limit order" in Xi'an, restricting prices from falling below 95% of the record price, although no official documents have confirmed this [15][16].

这位业主的胆子真的是大胆包天，每个月的还款额26万,被他怎么折腾出来的，还有他的信用贷，夫妻两个人就贷了300万，这胆子比许家印还大。 神盘不再神话，原本19万一平米抢着买，现在10万一平米没人买。 深圳南山超级网红盘华润润府，2021年巅峰时候最高成交价超过19万每平米，现在的成交价简直是腰斩了。当初19万一平米还是有人抢着买，因为当时的目 标价就是冲着30万一平米去的结果没有翻倍，却迎来了腰斩。 深圳的一名中介。华润城润府一期又有一套房子面临法拍了，业主是做医美的，2021年的时候买入价1,750万，那个时候应该也是最高点的时候。 1,750万只有89平的小三房自己现金投入了600万，担保公司垫了1150万，中介费35万，税费17.5万，垫资费28万，经营贷1,280万，经营贷的服务费25.5万， 落地总共1,876万。 真的不敢相信，买这么一套小小的房子，中介费都要35万，现在的35万可以在惠州买一套房。 因为这个业主他是做医美的，但是医美生意还不错，不断的招人开店，然后就需要投入资金，又向银行通过税贷票贷贷了800万，夫妻两个人信用贷了300 万，信用卡180万，每月还款26万。 2024年后因为生意 ...