Core Viewpoint - The article discusses the continuous decline in second-hand housing transaction volumes in key cities like Beijing, Shanghai, and Hangzhou, highlighting the changing dynamics in the real estate market and the impact on both second-hand and new housing sales [2][3][4]. Group 1: Second-hand Housing Market Trends - In July, the transaction volume of second-hand homes in 30 key cities has declined for four consecutive months, with first-tier cities and certain second-tier cities experiencing the most significant drops [2]. - The average listing prices in Beijing, Shanghai, and Hangzhou have decreased by approximately 17.6%, 17.1%, and 15% from their peak values, indicating a shift in seller mentality towards quicker sales [3]. - The transaction price stability contrasts with the declining listing prices, suggesting a widening gap between transaction prices and listing prices, with the discount rate increasing before a second decline [3]. Group 2: Changes in Transaction Structure - The share of low-priced, essential housing transactions has increased, while the demand for mid-to-high-end properties has weakened, indicating a shift in buyer preferences towards affordability [4][6]. - In terms of area, small units (below 70 square meters) account for about 40% of transactions in Beijing and Shanghai, while in Hangzhou, this figure is around 21%, showing a concentration in smaller properties [6]. - Over 60% of transactions are now in the low total price segment (below 3 million), with significant increases in market share for this category, reflecting the dominance of first-time buyers in the current market [9]. Group 3: Impact on New Housing Market - The decline in second-hand housing transactions is affecting the "sell old to buy new" dynamic, putting pressure on the new housing market, particularly in mid-to-high-end segments [11]. - The primary price range for new housing transactions is between 1 million to 3 million, which contrasts with the low total price segment dominating second-hand sales, indicating a disconnect in market demand [11].

周利（化名）是新杭州人，四五年前来到杭州，如今，已在杭州组建了自己的小家庭，还有了孩子，即将上幼儿园。 对于周利来说，找到工作、组成家庭、诞生下一代，一个个目标陆续已实现，如今只剩下在杭置业了。 2016年以来，杭州楼市开启上行模式。到了2021年，市场行情爬上顶峰。周利刚来杭州的时候，房价还处于最高点。自己的预算与置业门槛相差太远，只 能先租房。这四五年来，眼看着房价一步步下降，周利隐约觉得机会来了。 最近，周利在余杭租的房子要到期了，就开始寻觅合适的二手房。周利上班在城西，妻子在城东，房子需买在两人通勤都便利的地方。一次在东新园的亲 戚家做客时，周利无意间了解到东新园的房价降了不少，便想去看看。 东新园位于杭州市中心三塘板块，小区房龄已有20多年，有电梯，但也是十足的老小区了。不过对于周利来说，东新园的优势在于位置核心，处于夫妻两 人上班地的中心点。小区门口就是地铁站，交通便利。周边配套也很丰富，生活氛围浓厚。 图源视觉中国 在中介门店，周利碰到一套急售的房源，面积81㎡，房东的挂牌价是200万元。而这个价格，已经是东新园同类型房源里最低的一套了。 据悉，房东于2018年买入这套房，当时的总价为273万元 ...

Core Viewpoint - The real estate market in Ganzhou is facing significant challenges, with declining property prices and a growing disconnect between buyers and sellers [3][4][6]. Market Conditions - Recent trends indicate a downward trajectory in property prices across the country, with Ganzhou experiencing similar declines, particularly in essential housing areas where minimum transaction prices are being repeatedly reset [4][8]. - As of June 5, 2025, there are 27,404 listings on a major second-hand housing platform, an increase from 23,656 listings in May of the previous year, indicating a growing supply of properties for sale [10]. Seller Sentiment - Homeowners are experiencing substantial financial pressure due to property devaluation, leading to a reluctance to accept significant price reductions [5][6]. - Many sellers still hold onto the belief that property values will stabilize or increase, reflecting a mindset shaped by years of market growth [5]. Buyer Behavior - Buyers are increasingly empowered in negotiations, leading to a widening gap in price expectations between buyers and sellers [10]. - A notable comment from a social media user suggests that a property currently valued at 200 million could drop to 70 million within three years, highlighting a pervasive pessimism about the market [2][12]. Market Outlook - The current market environment necessitates a reevaluation of price expectations from both buyers and sellers to facilitate smoother transactions [12]. - The ability to identify "value" in the current market conditions is crucial for potential buyers in Ganzhou [12].

Core Viewpoint - The real estate market has experienced a significant downturn since 2021, with prices in lower-tier cities halving and first-tier cities returning to 2016 levels, despite government efforts to stabilize the market through various policies [1][3]. Group 1: Market Trends - The initial surge in housing prices led to a speculative buying frenzy, with many individuals borrowing to purchase properties, resulting in skyrocketing prices even in remote areas [1]. - By 2021, the market began to decline, with second and third-tier cities seeing price drops of around 50%, and first-tier cities reverting to previous price levels [1]. - The government has implemented measures such as lowering down payment ratios, reducing loan interest rates, and offering tax incentives to stimulate market recovery [1]. Group 2: Financial Health of Real Estate Companies - Many real estate companies are facing severe financial difficulties and high debt pressures, leading to a growing sense of caution among potential buyers [3]. - The industry is expected to undergo a significant shakeout, with financially strained companies likely to exit the market, while larger firms with stable finances may continue to thrive [5]. Group 3: Taxation and Market Pressure - The introduction of property taxes and landlord taxes in some cities poses a significant burden on homeowners, particularly those with multiple properties, as these taxes can reach up to 20% [6]. - The rental market is under increasing pressure, making it nearly impossible for most homeowners outside major cities to sustain their properties through rental income [6]. Group 4: Wealth Distribution and Policy Implications - The concentration of wealth in real estate has led to high vacancy rates among affluent families, while a significant portion of the population struggles to afford housing [10]. - Government policies aimed at promoting common prosperity and reducing wealth inequality include inheritance taxes on property sales, which could significantly impact high-net-worth families [11]. - These measures are intended to facilitate a more equitable distribution of wealth, although they may cause short-term challenges in the market [11].