Core Viewpoint - The real estate market is experiencing a continuous decline in prices, with projections indicating that prices may fall below 2015 levels, particularly in cities like Shijiazhuang [2][4]. Price Trends - In Shijiazhuang, property prices have dropped from over 8,000 in 2015 to around 7,000 in 2025, with some properties being listed at 6,000 in early 2026, indicating a significant decline [2][4]. - The trend of decreasing prices is expected to continue into 2026, with no signs of stabilization observed so far [4][7]. Tax Implications - The introduction of a property tax is anticipated to be delayed until property prices stabilize, as the government aims to maintain price stability [4][6]. - If property taxes are implemented while prices are still declining, it could lead to further decreases in property values [4][6]. Market Dynamics - A specific apartment building in Shijiazhuang has not recorded any transactions for over a year, with its price remaining at 7,000, indicating a lack of buyer interest even at lower price points [5][6]. - The concept of "price stabilization" is discussed, where homeowners may choose not to sell at lower prices, potentially leading to a situation where properties are held rather than sold [6][8]. Rental Market - Rental prices have also decreased, reflecting the overall decline in property values, with a noted drop of 200-300 compared to previous years [7]. - The profitability of owning property is diminishing, as the cost of holding a property is expected to rise with the potential introduction of property taxes [7].