Group 1 - The Federal Reserve is expected to end its balance sheet reduction, which has seen a cumulative shrinkage of approximately 26.5% since late 2022, exceeding previous expectations [1] - The previous round of balance sheet reduction from 2018 to 2019 saw a decrease of about 16.7%, while the Fed's balance sheet has expanded over seven times since late 2008 [1] - The external environment for China's real estate market has bottomed out, and the internal environment is approaching historically loose levels, indicating limited downside for property prices [1] Group 2 - Continuous population inflow in China is expected to generate significant housing demand, with over 10 million university graduates entering the market annually, suggesting substantial growth potential for the real estate sector [2] - In Shanghai, it may take 50-100 years to redevelop residential properties built before 2000, indicating that real estate will remain a thriving industry in the city [2] - Current housing prices in cities like Nanjing are significantly below reasonable levels, with the most expensive new luxury homes priced at over 60,000 yuan per square meter, which is ten times lower than Tokyo [2] Group 3 - Despite housing prices being significantly below reasonable levels and the external environment stabilizing, a recovery in prices is not guaranteed without restoring social confidence and addressing the balance sheets [3] - Major cities like Beijing, Shanghai, and Shenzhen need to eliminate restrictions on real estate to send a clear signal to the public that buying property is a sound decision, which is crucial for economic development [3]