Core Insights - New urban districts are becoming "trap" for investors, leading to significant financial losses for those who buy properties based on optimistic planning visions [1][7] Group 1: Market Conditions - In Ordos Kangbashi New District, the housing vacancy rate remains between 20%-30% as of 2025, despite some improvements [3] - The average price of second-hand homes in this area is only 7985 yuan per square meter, indicating a lack of market demand [4] - Tianjin Binhai New District has a commercial office vacancy rate of 42% in 2023, with a historical residential vacancy rate of 40%-50% since 2005 [4] - Chengdu Tianfu New District has a staggering office vacancy rate of 70%, with a projected increase in supply leading to further vacancy issues [6] Group 2: Economic Performance - Zhengzhou Zhengdong New District shows a GDP of 1502.5 billion yuan in 2024, but other districts in Zhengzhou are struggling with significant price drops and long listing periods [5] - Wuhan Yangtze New District has office vacancy rates of 37.8% for Grade A and 40.2% for Grade B buildings, indicating a lack of demand despite future growth projections [6] Group 3: Government Policies and Planning - Local governments are overly reliant on land finance, leading to excessive land sales without adequate industrial and population support [6] - The "housing is for living, not for speculation" policy has reduced investment demand, contributing to unsold properties in many new districts [6][7]