Core Viewpoint - Despite the high vacancy rates in cities, developers continue to acquire land and build, driven by the need to support local economies, meet growing housing demands, and ensure their own survival in the market [1][3][5][7]. Group 1: Economic Impact - The real estate industry is deeply embedded in the local economy, and any slowdown in land acquisition and construction by developers could significantly impact local economic development and related industries, which provide numerous job opportunities [3]. - Developers must maintain a certain pace of land acquisition and construction to ensure economic and employment stability in the regions they operate [3]. Group 2: Housing Demand - There is a growing demand for improved housing, particularly from young couples who initially purchase smaller homes but later seek larger, more comfortable living spaces as their financial situation improves [5]. - Urbanization is driving significant housing demand as many rural residents move to cities, further increasing the need for new housing developments [5]. Group 3: Market Dynamics - The perception of oversupply in the housing market is misleading; the issue lies in a small number of individuals hoarding properties without renting or selling them, which wastes resources and creates challenges for genuine homebuyers [7]. - Developers continue to acquire land and build to address the needs of first-time homebuyers, despite the high number of vacant properties [7]. - The high vacancy rates in the housing market are concerning, with first-tier cities at approximately 20-25%, second-tier cities at around 25%, and third and fourth-tier cities exceeding 30% [7].