Core Viewpoint - The current real estate market is facing significant challenges, particularly with new homes being heavily impacted by the second-hand housing market, leading to potential crises for ordinary citizens if developers resort to mass selling at low prices [1] Group 1: Crisis Overview - Crisis One: A sharp decline in new home prices could trigger backlash from existing homeowners, leading to widespread protests and social unrest as they feel their investments are devalued [2] - Crisis Two: Low-price selling by developers may indicate financial distress, potentially leading to unfinished projects and a resurgence of "ghost" buildings, as developers may not have the funds to continue construction [3] - Crisis Three: A significant drop in land sale revenues, projected at 4.15 trillion yuan in 2025, represents a 52.3% decrease from 2021, which could severely impact local government finances and public services [4] Group 2: Financial Implications - Crisis Four: Increased bank bad debts due to falling property prices could lead to stricter mortgage approvals, making it difficult for first-time buyers and those looking to improve their living conditions to secure loans [5] - Crisis Five: With over 70% of household assets tied up in real estate, a 30% drop in property values could result in significant financial distress for middle-class families, potentially leading to a situation where they owe more than their properties are worth [6][8] Group 3: Developer Perspective - Developers are hesitant to lower prices due to the cascading effects it would have on all stakeholders involved, indicating that mass selling would not signify a market recovery but rather a disaster for ordinary people [10]