Core Viewpoint - The widely circulated figure of 65.4 million vacant homes in China, which suggests a vacancy rate of 21.4%, is likely an overestimation and has caused unnecessary panic among homeowners and potential buyers [1][3][4]. Group 1: Data Analysis - The original figure of 65.4 million was derived from a report analyzing water and electricity usage, leading to a high estimated vacancy rate [1][3]. - The 2025 Housing and Urban-Rural Development Statistical Yearbook indicates a much lower urban housing vacancy rate of approximately 14.3%, which includes various types of temporary vacancies [3][4]. - Different cities exhibit significant variations in vacancy rates, with first-tier cities generally having lower rates due to high demand, while third and fourth-tier cities may experience higher rates due to population outflow [3][7]. Group 2: Understanding Vacancy Rates - The definition of vacancy rates can vary significantly between different institutions, leading to discrepancies in reported data [1][4]. - A reasonable vacancy rate is considered to be between 5% and 5%, with international examples showing that the U.S. maintains a rate around 12% and Japan around 10% [4][7]. - The perception of high vacancy rates may be influenced by current economic conditions and societal psychology, particularly during periods of economic transition [4][5]. Group 3: Implications for Homeowners - Home values are influenced by multiple factors, including location and amenities, rather than solely by national vacancy rates [5][8]. - Current market conditions may provide a more rational environment for homebuyers, allowing for careful assessment of personal needs and financial capabilities [8][10]. - Homeowners should focus on local market conditions and the specific characteristics of their properties rather than being swayed by national statistics [10].

Core Insights - The article presents the weekly ranking of outstanding works titled "作·嗅之星" for the period of July 11 to July 17, 2025, highlighting the top articles and their authors [1][3]. Ranking Summary - The top article is "The Company Doesn't Care How Much Work You Do" by Ye Xiaochai [3][5]. - The second-ranked article is "Why is the Takeaway Industry Still in Battle After Ten Years?" by Junze [3][5]. - The third article, "Is Effort Really Becoming Less Valuable?" is authored by Jiu Bian [3][5]. - "Alibaba's 'Advance' and Pinduoduo's 'Retreat'" by Biao Wai Biao Li ranks fourth [3][5]. - The fifth article, "Sam's Club Lists Haoliyou, Middle Class is Out" is written by Shan Nong Xia Shan [3][5]. - The sixth article, "Will 99% of Programmers Become Unemployed?" is from Tencent Research Institute [3][5]. - The seventh article, "A Generation of SUV Dominator Declares Bankruptcy" is reported by Investment界 [3][5]. - The eighth article, "Why Aren't Those Airlines That 'Suspended Flights to China' Coming Back?" is authored by Travel界 [3][5]. - The ninth article, "What is the Actual Vacancy Rate of Housing in Beijing?" is by Knowledge分子 [3][5]. Support for Authors - The company will regularly provide bonuses and special support rights to the awarded authors to encourage the continuous production of quality content [4][8].

2025年，楼市依然面临困境，房价可能持续下跌。内行人分析指出，2025年或许并非楼市复苏的时机。让我们深入探讨导致这一局面的五大"坏消息"。 四、消费保守：储蓄倾向削弱购房意愿。 根据人行2025年一季度的调查，58.3%的城镇储户倾向于更多储蓄，创下2003年以来的新高。多数居民出于对未来医疗、教育等风险的担忧，选择将资金储 蓄，而非购房。加上限购和房产税的预期，这种趋向保守的消费心态使得储蓄被视为比购房更安全的投资方式。 二、空置率警报：住房过剩已成定局。 中国房地产协会的《2025年全国住房空置率调查报告》显示，全国城镇住宅的空置率已经达到15%，较2022年上升了3个百分点，尤其是在东北三省和西北 一些资源型城市，空置率已突破25%。在个别城市，空置率甚至高达30%。清华大学房地产研究所所长刘洪玉指出，按照国际标准，空置率超过10%便表示 市场供大于求。三四线城市中，部分房屋因无力偿还贷款而长期闲置，导致大量毛坯房空置无人问津。 三、人口结构：购房刚需持续萎缩。 随着人口结构的变化，楼市的需求端正面临严峻挑战。我国的年轻购房群体，尤其是25至39岁的主力人群，逐年减少。2024年，我国出生人口降至8 ...

Core Viewpoint - A significant "property fee reduction wave" is sweeping across China, with over 10 cities announcing discounts on property fees for vacant homes, with some reductions reaching as low as 50% [1][3][5]. Group 1: Property Fee Reduction Trends - The trend of reducing property fees began in Jiangsu, with cities like Zhenjiang implementing a new regulation that allows owners of vacant homes to pay only 70% of the property fee after six months of vacancy [4][5]. - In Gansu's Lanzhou, property fees for homes that have been vacant for over six months can be reduced to 50% upon application [6]. - In Chongqing, property fees have been reduced for both vacant and occupied homes, with some fees dropping from 1.80 yuan per square meter per month to 1.30 yuan [10][11]. Group 2: Market Dynamics and Implications - The property management industry, which has been profitable in the past, is now facing challenges as developers struggle to make profits, leading to a competitive environment where both pricing and service quality are under pressure [2][29]. - The increase in vacant properties is a result of oversupply in lower-tier cities, with many homes purchased as investments but left unoccupied [18][20]. - The average housing vacancy rate in 28 major cities reached 12% around 2022, indicating a significant oversupply issue [20][21]. Group 3: Financial Performance of Property Management Companies - The financial performance of property management companies is declining, with major firms like China Overseas Property experiencing a slowdown in revenue growth, dropping to single digits [29]. - The number of property management companies has surged from 58,000 in 2008 to 234,000 in 2018, but the recent downturn in real estate sales has led to an oversupply of property management services [24][25]. Group 4: Regional Disparities - While many cities are reducing property fees, major cities like Nanjing and Suzhou have not followed suit, and first-tier cities like Beijing and Shanghai are seeing property fees continue to rise [30][32][33]. - In Shanghai, the average property fee for new projects has doubled compared to previous years, indicating a divergence in market trends between different city tiers [33][34].