Core Viewpoint - Recent government policies aimed at stimulating the housing market have sparked widespread attention, with a notable example being Guangxi's financial subsidy of 120 million yuan for new home purchases from September 15 to October 31, 2023, raising questions about its effectiveness in reversing market trends [2] Group 1: Policy Signals - The government's approach has shifted from broad market stimulation to targeted support for genuine housing needs, moving away from high-leverage growth models [3] - The introduction of the 120 million yuan subsidy is seen as a temporary measure to support a sluggish market rather than a long-term solution [3] Group 2: Market Signals - A "K-shaped" market differentiation is emerging, where high-quality properties continue to appreciate while lower-quality, less desirable properties face declining values [6] - Data from August 2025 indicates that over 60% of new home prices in 70 major cities have decreased, with only a few cities experiencing slight increases [6] - For instance, in Q1 2025, new homes in Shenzhen's Nanshan area saw a 12% price increase, while a city in Northeast China experienced a 23.5% drop in second-hand home prices [6] Group 3: Changing Perspectives - A growing number of young people, such as a 00s generation individual from Yulin, are opting to rent rather than buy, reflecting a shift in attitudes towards homeownership as a necessity for marriage [4][8] - The average cost of a suitable wedding home in Yulin is around 800,000 yuan, with monthly mortgage payments significantly higher than rental costs, leading to a preference for renting [8] Group 4: Development Models - The traditional "sprawling" new city development model is becoming less viable, with a focus shifting towards optimizing existing land use and enhancing living quality [9] - The national residential land supply plan for 2025 indicates a 20% decrease in supply, particularly in second-tier cities, emphasizing the need for efficient land utilization [9]