Group 1 - The core point of the article revolves around the controversy regarding the housing default rate data presented in the China Banking Research Institute's fourth quarter report, which has sparked significant discussion on social media [1][2][4] - The report claims that the current national average housing default rate is higher than in 2022, with some third and fourth-tier cities experiencing even higher rates [1] - The data cited in the report was supposedly sourced from a non-existent study by "CRIC Real Estate Research," which has publicly denied releasing any such report or related data [2][4] Group 2 - The term "default" is not officially recognized; instead, it is categorized under loan delinquency, with banks classifying loans based on the duration of delinquency and conducting investigations [6] - The report's reliance on third-party data raises questions about the accuracy and credibility of the information, as data research institutions typically do not possess such critical credit data [6] - Following the controversy, significant portions of the report related to the real estate market's supply and demand analysis were removed, reducing the report's length to 61 pages [7] Group 3 - In the broader market context, data from the China Index Academy indicates that in October, new home prices increased in 8 out of the top 10 cities, with notable year-on-year increases in Shanghai (10.7%), Hangzhou (6.51%), and Chengdu (6.18%) [7] - National Bureau of Statistics data shows that in September, the sales area of newly built commercial housing reached 85.31 million square meters, a month-on-month increase of 48.5%, while sales revenue amounted to 802.5 billion yuan, up 47.3% month-on-month [7]

Clarification of Report Authenticity - CRIC (克而瑞地产研究) clarifies it has never released a report titled "2025 China City Housing Mortgage Default Rate Research" or any related default rate data [1] Housing Mortgage Default Rate - Bank of China's "China Economic and Financial Outlook Report" cites data indicating a national average housing mortgage default rate of 37%, higher than 16% in 2022 [1] - The report notes that in some third- and fourth-tier cities, the default rate exceeds 5% [1]