Core Viewpoint - The era of universal price increases in the real estate market has ended, primarily due to the peak of the population dividend and an oversupply of housing [3][5][14]. Group 1: Market Trends - The real estate market has experienced a significant decline, with prices in resource-based cities in Northeast China returning to levels seen a decade ago, and rural properties being unsold even at prices as low as 50,000 yuan [1][3]. - By the end of 2023, the nationwide unsold housing area reached 560 million square meters, equivalent to nearly 3 million unsold homes, indicating a shift from "housing shortage" to "lack of people to occupy" in many areas [3][18]. Group 2: Urban Differentiation - Major cities like Guangzhou, Hangzhou, and Shenzhen have seen net population inflows of 250,000, 180,000, and 120,000 respectively in 2023, driven by industrial growth [5][7]. - The quality of industry is a key differentiator among cities; cities with traditional manufacturing face slow job growth and limited population inflow, while those with emerging industries like digital economy attract talent and wealth [9][12]. Group 3: Policy Impact - China's "housing is for living, not for speculation" policy and household registration system have helped prevent excessive speculation and mitigate risks of a real estate bubble, unlike the U.S. [14]. - The focus on public consumption, including education, healthcare, and community services, is becoming a new growth engine for the real estate sector, shifting from reliance on residential sales [19][21]. Group 4: Future Outlook - Investment in public service facilities is expected to drive the construction sector, with 20 billion yuan allocated in 2023 for such projects in Chengdu, involving major real estate companies [23]. - The development of public facilities is anticipated to stabilize the market and address social issues, allowing the real estate sector to serve human needs more effectively [23].