Core Insights - The article discusses the significant decline in housing prices in Nanjing, China, with a reported drop of 66.8% from peak prices, indicating a severe market correction [11][19][23] - Goldman Sachs predicts a 75% decrease in new housing demand in China over the next few years, which aligns with the observed trends in Nanjing's real estate market [4][11] Group 1: Housing Market Trends - The Tianrun City No. 11 project saw peak transaction prices of 26,179 yuan per square meter in 2017, which have now plummeted to around 10,000 yuan per square meter, reflecting a drastic market adjustment [11][19] - Recent data shows that the second-hand housing market in Nanjing recorded 85 transactions in a single day, a 4.9% increase from the previous period, suggesting some stabilization in activity [19][23] - New housing prices in Nanjing are stabilizing around 30,000 yuan per square meter, indicating a potential floor in pricing despite previous declines [21][23] Group 2: Buyer Sentiment and Experiences - A buyer who purchased a property at the peak price of 3.1 million yuan in 2020 sold it for 2.227 million yuan, incurring a loss of 1.7 million yuan, highlighting the financial strain on homeowners [15][16] - There is a mixed sentiment among buyers, with some believing that Nanjing's strong infrastructure will attract buyers from surrounding areas, while others express concern over the ongoing financial pressures from mortgage repayments [11][15] - The current market conditions are seen as an opportunity for first-time buyers, but caution is advised regarding long-term financial commitments, especially for those relying on loans [23]