Core Viewpoint - The Shenzhen real estate market is experiencing significant differentiation, revealing various characteristics and signals through the analysis of new housing minimum down payment data [1][5]. Group 1: Market Accessibility - The overall accessibility of the Shenzhen real estate market is very high [2]. - Projects at the bottom of the "new housing down payment pyramid" can be accessed with down payments below 600,000 yuan [3]. - Many families in Shenzhen's average income bracket can afford such down payments [4]. Group 2: Market Segmentation - The Shenzhen real estate market is in a phase of extreme differentiation, with a stark divide between core and non-core areas in terms of new housing project numbers and inventory [5][6]. - The top tier of the down payment pyramid consists of luxury or quasi-luxury projects, with only 17 projects making up less than 10% of the total new housing inventory [6]. - Lower down payment projects have significantly larger inventory, with the fifth and sixth tiers accounting for over 80% of the total new housing stock, primarily located in peripheral areas [8]. Group 3: Market Challenges - The market is characterized by a struggle between high-end products that sell well and lower-tier products that face intense competition [12]. - The biggest competition for new housing comes not from other projects but from the projects themselves, with newer phases being priced lower than previous ones [13][14]. - For example, the Meiyu Lanwan project has sold only 2 units despite being a quality product, indicating the difficulty of market absorption [18]. Group 4: Inventory and Sales Dynamics - The Deep Industry Mountain Water East City project has seen significant unsold inventory despite multiple sales batches, with prices dropping from 37,900 yuan per square meter to 29,300 yuan per square meter [21]. - The market is in a "vacuum" state, particularly in peripheral areas like Pingshan and Longgang, where supply exceeds demand and concepts are weak [22].