Core Viewpoint - The Shanghai housing market is experiencing significant price declines, with some properties seeing reductions of up to 60-70% from their peak values, indicating a severe downturn in the real estate sector [1][12][19]. Market Overview - A specific property, a 90㎡ unit in the Poly Linglan Pavilion, sold for 4.78 million yuan in February 2021, but similar units are now listed at 2.43 million yuan, reflecting a drastic price drop [6][8]. - The average price in core districts like Huangpu and Jing'an remains stable at 120,000-150,000 yuan per square meter, but some areas have seen extreme declines, with certain school district properties dropping by 43.9% [10][11]. Price Declines - Traditional quality school district properties, such as those in Pudong, have seen prices fall from 90,000 yuan per square meter to 60,000 yuan, a 37% decrease [11]. - Non-core areas like Minhang and Pudong have experienced declines exceeding 40%, with some neighborhoods reporting drops of up to 48.4% [11]. Buyer Market Characteristics - The current market is characterized by a clear buyer's market, with an average negotiation space of 7.05% [19]. - There are over 30,000 unsold properties in the Lingang area, indicating a significant oversupply [19]. Sales Performance - From January to July, the top 10 residential projects in Shanghai generated a total sales amount of 77.74 billion yuan, with the top project, Shanghai One, alone accounting for 16.59 billion yuan [22]. - The market is seeing a seasonal adjustment, with high-quality projects in prime locations continuing to attract buyers despite the overall slowdown [19][22]. Market Dynamics - The fluctuations in property prices are attributed to supply and demand dynamics, with the current situation reflecting broader economic conditions [23]. - The real estate market is undergoing structural differentiation and cyclical adjustments, necessitating a focus on core areas and high-quality developments by real estate companies [22][23].