Core Viewpoint - The article discusses the challenges faced by homeowners with multiple properties in China, highlighting the difficulties in selling homes, rising holding costs, and decreasing long-term demand for housing. Group 1: Selling Challenges - Selling homes has become increasingly difficult, shifting from "can sell anytime" to "may not sell at all" [9] - The inventory of unsold properties remains high, with significant increases in the number of second-hand homes listed for sale in major cities [11] - The price of second-hand homes has been declining for several months, leading to longer transaction times [13] Group 2: Rising Holding Costs - Holding costs for properties are increasing, with expenses such as mortgage payments, property fees, and maintenance becoming burdensome [20] - Rental yields are low, often not covering the costs associated with property ownership, especially for vacant homes [24] - A significant number of homes are vacant, with a vacancy rate exceeding 20%, leading to higher financial risks for homeowners [26] Group 3: Decreasing Long-term Demand - The declining birth rate and aging population are reducing the number of potential homebuyers, impacting overall housing demand [32] - Changing attitudes among young people towards homeownership, with many preferring rental options over purchasing multiple properties [34] - Government policies aimed at providing affordable housing are diverting some demand away from the market for private homes [36]

Core Insights - The central viewpoint of the report indicates a significant decline in public confidence regarding future housing prices, with only 9.1% of respondents expecting an increase in the next quarter, while 23.5% anticipate a decrease [1][3]. Group 1: Market Sentiment - The survey, conducted across 50 cities with 20,000 respondents, shows that the proportion of residents expecting housing price increases has fallen below 10% for two consecutive quarters, indicating a lack of belief in price growth [3]. - Historical data reveals three notable declines in housing price expectations since 2019, with the most recent drop occurring from Q2 2025, where the percentage of those expecting price increases fell to 8.9% [5]. Group 2: Economic Indicators - The report highlights a downward trend in residents' income and employment perceptions, correlating with the decline in housing price expectations [5]. - In Q3 2025, only 19.2% of residents preferred "more consumption," a decrease of 4.1 percentage points from the previous quarter, while 62.3% favored "more savings" [7]. Group 3: Changing Consumer Behavior - The preference for "home buying" has dropped out of the top five spending choices for the first time in three quarters, contrasting with its previous consistent ranking among the top four choices [9]. - The actual housing prices are also declining, with new residential sales prices in 70 major cities dropping by 0.53% month-on-month in March 2025 [9]. Group 4: Demographic Trends - A significant demographic shift is noted, with a predicted reduction of 21 million potential homebuyers by 2030, as the total population has declined for three consecutive years [11][13]. - The average housing price-to-income ratio in major cities is alarmingly high, with first-tier cities reaching 18.2, indicating a severe mismatch between housing prices and residents' purchasing power [15].