Core Insights - The article illustrates the dramatic fall of Chen Tao, once a wealthy real estate investor, who lost his fortune due to the changing dynamics of the housing market [1][5][8] Group 1: Market Dynamics - The real estate market has shifted from being viewed as a quick path to wealth to a focus on housing as a basic need, emphasizing its role in ensuring people's living conditions [5][6][8] - The average housing area per urban resident has surpassed 40 square meters, indicating a saturation in housing demand, with a significant inventory of nearly 760 million square meters of unsold properties as of September 2025 [5][6] Group 2: Investment and Development Trends - The focus of real estate development is transitioning from quantity to quality, with an increasing emphasis on the safety, comfort, and sustainability of housing [6][7] - The introduction of policies promoting "good housing" reflects a shift towards enhancing property quality and service, moving away from the previous model of selling based on plans [6][7] Group 3: Policy Impact - Despite various government measures aimed at stimulating the housing market, such as easing purchase restrictions, the actual market response has been lackluster, with a 10% month-on-month increase in residential sales area but a 7% year-on-year decline as of September 2025 [7][8] - The perception of housing as an investment vehicle is diminishing, with a clear indication that the primary function of housing will revert to providing shelter rather than serving as a financial asset [7][8] Group 4: Rental Market Trends - Rental prices have been on a downward trend, with an average rent of 34.04 yuan per square meter per month across 40 cities, reflecting a 0.22% month-on-month and a 2.42% year-on-year decline [8] - The rental yield in core cities has dropped below 2%, making it increasingly difficult for property owners to recoup their investment costs through rental income [8]