Core Insights - The article highlights the significant decline in property prices of old and dilapidated neighborhoods in Wuhan, Qingdao, Dongguan, and Ningbo, contrasting with the relatively stable prices in Beijing and Shanghai due to school district factors [1] Group 1: Price Trends - Property prices in old neighborhoods of Wuhan, Qingdao, Dongguan, and Ningbo have dropped to new lows, indicating a severe market downturn [1] - These cities are not traditional price basements, suggesting that the decline is driven by specific local factors rather than general market conditions [1] Group 2: Contributing Factors - The decline in property prices is attributed to a combination of policy shifts, urban expansion, and changes in population structure, which have collectively diminished the competitiveness of these old neighborhoods [1] - The lack of competitiveness has forced property owners to resort to price reductions as a primary strategy to attract buyers [1]

Core Viewpoint - The article discusses the significant decline in prices of old and small residential properties (referred to as "老破小") across China, highlighting the factors contributing to this trend and the varying impacts in different cities [1][4][35]. Price Decline Overview - The most severe price drop for old and small properties in Shanghai occurred in 2024, with a decline exceeding 13% [4]. - The price changes from 2016 to 2025 show a consistent downward trend, with 2024 experiencing a drop of 13.9% compared to the previous year [5]. - Various districts in Shanghai, such as Minhang and Baoshan, have seen declines ranging from 11.7% to 28.4% [6]. Comparative Analysis - Compared to other first-tier cities, Shanghai's price decline for old and small properties is relatively moderate, with cities like Guangzhou and Shenzhen experiencing similar declines of approximately 31%-34% [9]. - Beijing has shown a smaller decline of about 10% due to lower prices and increased demand from first-time buyers [11]. New First-tier Cities - In new first-tier cities, properties aged over 20 years and under 50 square meters have seen drastic price reductions, with Wuhan experiencing a price drop of over 50% [11][15]. - Factors such as oversupply in the housing market and relaxed new housing price controls have exacerbated the price declines in these cities [15][16]. Characteristics of Properties Facing Decline - Properties that have lost their school district advantages or have high renovation costs without demolition prospects are particularly vulnerable to price drops [20][27]. - High-rise old properties without elevators are also facing significant depreciation, especially in cities with complex terrains [27]. Market Recovery Signs - Despite the declines, there are signs of recovery in the rental yield and transaction volume for old and small properties, particularly in first-tier cities [29][34]. - The rental yield for old and small properties in major cities has improved, indicating a potential stabilization in the market [30][31]. Conclusion - The article concludes that the market for old and small properties is undergoing a significant value reassessment, with a focus on long-term livability and practical value rather than speculative investment [35].