Core Viewpoint - The article highlights the complex and intertwined interests within the real estate market, revealing how various stakeholders manipulate the system for profit, leading to societal risks and economic instability [1][3][9]. Group 1: Real Estate Developers - Real estate developers are depicted as greedy operators, with one leading company reporting a 42% year-on-year increase in land reserve costs while simultaneously raising pre-sale prices by 15% [3]. - Developers are accused of creating artificial scarcity by controlling the pace of property launches, which is exacerbated by local governments' reliance on land finance to inflate land prices [3][4]. - The use of debt leverage to fund large-scale projects is highlighted, with risks being passed down the supply chain, contributing to a potential wave of bad debts in the banking system [3][6]. Group 2: Investors and Speculators - Investors are characterized as having an unhealthy asset allocation, with real estate comprising over 70% of their portfolios, leading to speculative behaviors such as forming investment groups and manipulating second-hand housing prices [3][4]. - The phenomenon of "panic buying" is fueled by misleading narratives from experts and media, creating a sense of urgency among potential buyers [4]. Group 3: Financial Institutions - The banking sector is heavily tied to the real estate market, with personal housing loans accounting for 34.2% of a major bank's portfolio, indicating a deep entanglement between financial institutions and property prices [6]. - Financial innovations, such as trust and asset-backed securities, have created complex financial products that amplify risks associated with housing loans [6]. Group 4: Societal Impact - The article discusses the generational wealth divide exacerbated by real estate dynamics, where young individuals face high rental costs while older generations benefit from property sales [7]. - The decline in property prices poses a dual threat: it diminishes the wealth of existing homeowners while creating uncertainty for first-time buyers, leading to a stagnation in market activity [8][9]. - The need for policy reform is emphasized, advocating for a return to housing as a basic need rather than a financial asset, which could stabilize the market and promote social harmony [9][11].