Core Insights - The article discusses the challenges faced by homeowners with multiple properties in the current real estate market, highlighting a significant shift in market dynamics and psychological expectations regarding property investment [2][4][9]. Group 1: Market Dynamics - The number of second-hand homes listed for sale has exceeded 7.3 million nationwide, with cities like Baicheng experiencing a year-on-year price drop of over 7% [2]. - The supply of second-hand homes has surged while demand has rapidly declined, with listings in Shanghai's outer ring increasing by 42% year-on-year and over 60% of discounted listings in Hangzhou's Qianjiang Century City area [4]. - The demographic shift in homebuyers, particularly the decline in the number of younger buyers (90s and 00s) compared to older generations, is contributing to the oversupply of properties [4]. Group 2: Financial Pressures - Homeowners are facing increasing holding costs, with property taxes and other expenses rising, leading to significant cash flow pressures [7]. - For example, the annual holding cost for a second property valued at 2 million yuan has increased from 3,000 yuan to 42,000 yuan due to new tax regulations and rising property management fees [7]. - Many families are experiencing reduced incomes and job losses, making it difficult to manage high mortgage payments alongside increasing living costs [7]. Group 3: Psychological Impact - The perception of real estate as a guaranteed investment has shifted, with many homeowners now viewing their properties as financial burdens rather than assets [9][10]. - The myth of real estate being a surefire way to accumulate wealth has been challenged, leading to increased anxiety among property owners as they face potential negative equity [10]. - Younger generations are increasingly prioritizing quality of life over property ownership, opting for renting instead of taking on long-term mortgage debt [10]. Group 4: Strategies for Homeowners - Homeowners are advised to adjust their mindset regarding property ownership, recognizing the risks associated with viewing real estate as a wealth symbol [12]. - It is recommended to retain high-quality properties in prime locations while considering selling off less desirable assets to mitigate losses [12]. - Exploring rental options to cover holding costs is suggested, particularly for properties in core urban areas, while offloading underperforming assets may be a more prudent choice [12]. Group 5: Broader Implications - Approximately 45% of urban households own two or more properties, reflecting a widespread struggle with the current market conditions [14]. - The real estate market is transitioning from a speculative environment to one requiring professional management, emphasizing the importance of understanding holding costs, liquidity, and potential for appreciation [14].

Group 1 - The logic of buying and selling houses has changed significantly over the past three years, with the myth that housing prices only rise being completely shattered [2][3] - In 2018, Li Ka-shing predicted a major reshuffle in housing prices within five years, which has now materialized with a nationwide decline in second-hand housing prices for 29 consecutive months, leading to an increase in listings to 7.3 million [3] - The average transaction cycle for second-hand houses has extended to 6.2 months, indicating a significant decrease in market liquidity [3] Group 2 - The holding costs for multiple property owners are increasing, with property management fees doubling over the past 20 years and expected to rise further due to inflation [5] - Maintenance costs for properties, especially high-rise buildings, are also increasing, with elevator maintenance costs potentially reaching hundreds of thousands over time [5] - New regulations starting in September require landlords to register rental contracts, which will increase transparency and could lead to reduced rental income for property owners [7] Group 3 - The rental market is becoming saturated, particularly in first-tier cities, with over 160,000 second-hand homes listed, and even a 20% price reduction fails to attract buyers [9] - Many landlords are struggling to cover property management fees as younger populations migrate to larger cities, leaving older homeowners with multiple properties [9] - Families facing these challenges can take various approaches to alleviate their burdens, such as assessing asset status and optimizing debt structures [11] Group 4 - Li Ka-shing's advice remains relevant: purchasing homes for personal use is advisable, but speculative buying for profit should be reconsidered [13]