Core Viewpoint - The real estate market is experiencing significant downward pressure, with many homeowners facing challenges due to declining property values and increased holding costs [3][11][21] Group 1: Market Conditions - Many cities have seen substantial declines in property values, with Wenzhou experiencing a peak-to-date drop of 63.14% and Shenzhen down 30.06% [1][2] - The oversupply of housing and high vacancy rates, particularly in lower-tier cities, have contributed to the current market downturn [5][9] - The purchasing power of consumers has been overstretched, with household leverage rising to over 60%, limiting their ability to take on more debt [7][11] Group 2: Challenges for Homeowners - Homeowners with multiple properties are facing three major challenges: decreased wealth, increased holding costs, and difficulties in renting out properties [11][13][17] - The liquidity of real estate has diminished, making it harder for homeowners to sell properties, leading to a perception of wealth loss [11][15] - Holding costs, including property management fees and potential future property taxes, are expected to rise, adding financial strain on homeowners [13][15][21] Group 3: Future Outlook - The trend of declining property values is likely to continue, with younger generations showing less interest in homeownership due to economic uncertainties [19][21] - The implementation of property taxes could further increase the financial burden on homeowners, particularly those with multiple properties [21]