Core Insights - The current real estate market has shifted from a previous trend of easy profits to a more cautious environment where buyers are selective and budget-conscious [1][3] - Certain types of properties are becoming increasingly difficult to sell, even if they seem attractive at the time of purchase [3] Property Types to Avoid - **Old and Deteriorated Properties**: These properties may seem affordable but often come with significant maintenance issues and reduced appeal due to limited land lease remaining, making them hard to sell in the future [5][7] - **High-Density High-Rise Areas**: While initially appealing due to amenities, these areas often suffer from poor living conditions, lack of sunlight, and intense price competition, making resale challenging [9][11] - **Non-Core Educational Areas**: Properties marketed as "school district homes" may not retain their value due to changing educational policies and potential distance from actual schools, leading to difficulties in resale [13][15] - **Proximity to Industrial Zones or Railways**: These properties are often cheaper but come with significant noise and air quality issues, limiting their appeal and resale potential [17][19] Conclusion - Buyers should carefully evaluate these property types to avoid potential pitfalls in the real estate market, as making the right choice now can lead to easier transactions in the future [21]

Core Insights - The article discusses the changing perceptions of homeownership in China, highlighting how individuals are selling their only homes due to financial pressures and shifting beliefs about real estate as a secure investment [2][10]. Group 1: Reasons for Selling Homes - Many individuals are selling their only homes to prevent wealth erosion and to access cash for essential expenses like medical and educational costs [1][13]. - Some are actively restructuring their asset portfolios to seek more liquid and safer investments amid market volatility [1][10]. Group 2: Personal Experiences - The stories of individuals like Dafu and Cao Mei illustrate the emotional and financial struggles associated with selling homes at a loss, with Dafu selling her home for 300 million after purchasing it for 360 million, resulting in a loss exceeding 100 million [4][10][16]. - Cao Mei sold her newly purchased home for 240 million, incurring a loss of over 30 million, reflecting the drastic changes in the housing market within a few years [7][9][10]. Group 3: Market Conditions - The article notes that the real estate market in China has experienced significant fluctuations, with many homeowners facing losses due to declining property values [10][18]. - The narrative emphasizes the shift from viewing real estate as a guaranteed investment to a more cautious approach, where individuals are reconsidering the necessity of homeownership [2][10]. Group 4: Emotional and Psychological Impact - The emotional toll of selling homes is evident, with individuals experiencing feelings of failure and loss of identity tied to their homes [3][5][14]. - The article highlights the struggle of adapting to rental living after selling homes, with individuals like Cao Mei and Dafu grappling with feelings of displacement and the challenge of creating a new sense of home [28][29]. Group 5: Future Perspectives - Some individuals, like Lin Qing, have found new opportunities and perspectives after selling their homes, leading to a reevaluation of what constitutes security and happiness in life [22][36]. - The article suggests a growing acceptance of renting as a viable alternative to homeownership, with individuals prioritizing flexibility and reduced financial burdens over traditional notions of stability [34][36].

Core Viewpoint - The article discusses the drastic changes in the real estate market over the past five years, highlighting the significant decline in property values and the shift in investment strategies, as predicted by Wang Jianlin, who emphasized the importance of understanding real estate as a living space rather than a speculative asset [1][2]. Group 1: Market Trends - The real estate market is experiencing a stark division, with core assets in first-tier cities remaining relatively stable, while properties in third and fourth-tier cities are suffering severe value depreciation, with some areas seeing declines of up to 54.67% [2]. - Wang Jianlin's prediction from 2006 about the cyclical nature of real estate markets is being realized, as he noted that the prosperity of any country's real estate industry would not exceed 50 years, with China having approximately 20 years left [1][2]. Group 2: Property Valuation and Financial Implications - A hypothetical scenario for a property valued at 2 million yuan shows that after five years, costs could exceed 2.4 million yuan when accounting for interest, taxes, and maintenance fees, leading to significant financial losses [3]. - For properties purchased with a mortgage, the total expenditure could surpass 2.5 million yuan, resulting in a potential loss of 400,000 to 500,000 yuan if the property value remains stagnant [3]. Group 3: Investment Strategies - Investors are advised to act decisively in selling properties in third and fourth-tier cities, particularly those lacking quality attributes, to mitigate losses [5]. - Maintaining ownership of high-quality properties located in core areas with good rental yields is recommended, as these assets are more resilient to market downturns [7].

Core Viewpoint - The article discusses five types of properties that may become undesirable in the real estate market starting next year, highlighting the changing dynamics and risks associated with these properties [1]. Group 1: Types of Properties - Old and dilapidated school district houses are losing their appeal due to policy changes like multi-school zoning and teacher rotation, leading to a significant drop in value [1]. - Small property rights houses are problematic as they lack legal ownership certificates, making them vulnerable to disputes and government actions, which could result in financial losses for buyers [3]. - Large suburban houses are becoming less attractive due to long commuting times and inadequate local amenities, leading to difficulties in selling even at reduced prices [3]. - Commercial-residential mixed-use properties have short ownership periods and higher living costs, along with complex living environments that deter potential buyers [4]. - Properties with ownership disputes present significant risks, as unclear ownership can lead to legal troubles for buyers, making them hard to sell [6].

曾经的楼市，你还记得吗？ 那时，楼市的热潮几乎席卷了每一个角落，抢房就像抢白菜，三四线城市的楼盘也一度成了"日光盘"。大家都沉浸在这场看似无止境的盛宴中，然而谁能想 到，从2021年开始，楼市却迎来了前所未有的调整。那些产业单一、人才流失的城市，原本在楼市中乘风破浪的地方，在这一轮调整中快速沉沦。甚至有些 地方的房价出现了骤降，从四万一套跌至3000元每平米，曾经让人无法想象的低价如今竟成了现实。 当初那些盲目跟风、加杠杆入场抢房的人，现在应该很难想象，马云所言的"房价如葱"，竟在十年间成为了不可否认的事实。 01、鹤岗之后，又一空城崛起 提到"鬼城"，大家的第一反应往往是鹤岗。两年前，就有一则让人震惊的新闻，讲述了一个大城市买不起房的人，跑到鹤岗，花了仅仅15000元就全款买下 了一套房。这个消息引发了许多人的质疑，因为在大城市，15000元连个厕所都买不到。然而，当这位网友晒出房子的实拍图后，质疑声戛然而止，大家才 知道，某些地方的房价已经跌得如此之低。 然而，鹤岗的"鬼城"并非唯一。最近，我们要谈的，是河北省张家口市下花园区的困境。从贝壳网的张家口二手房页面上，许多房源的价格低得让人瞠目结 舌： - 6 ...

Core Viewpoint - The article discusses the increasing interest of Chinese investors in purchasing properties in Japan, particularly in less urbanized areas, due to the high vacancy rates and lower prices compared to major Chinese cities [2][4][21]. Group 1: Market Overview - As of October 2023, Japan's residential vacancy rate reached a historical high of 13.8%, with approximately 9 million vacant homes nationwide [4][21]. - The trend of population outflow from smaller cities to larger urban centers has led to a phenomenon referred to as "Hegangization," where property prices in these areas decline significantly [4][21]. Group 2: Investment Opportunities - The article highlights the appeal of "中古屋" (second-hand houses) in Japan, which offer significant price advantages and attract young Chinese consumers seeking a romantic lifestyle [10][21]. - A specific case is presented where a photographer purchased a wooden house in Hokkaido for approximately 32,000 RMB, showcasing the affordability of properties in these regions [14][15]. Group 3: Challenges and Considerations - Foreign buyers face complex legal and regulatory challenges in Japan, including property registration and immigration policies, which can lead to potential legal disputes and economic losses [17][21]. - The article warns that many vacant homes may not receive adequate maintenance, leading to further deterioration and potential disputes with neighbors [22][24]. - New regulations in Japan require foreign property investors to register a local emergency contact, adding another layer of complexity for potential buyers [18][21].