Group 1 - The article discusses the transformation of Yanjiao from a "sleeping city" to a "ghost town," highlighting the drastic decline in property prices from 40,000 yuan per square meter to below 20,000 yuan [1][21][37] - Yanjiao was once considered a desirable location for Beijing's workers due to its proximity and lower housing prices, leading to a rapid increase in demand and property prices [3][5][11] - The peak of Yanjiao's real estate market occurred in 2017, driven by policies in Beijing that restricted housing purchases, prompting many potential buyers to turn to Yanjiao [9][13][19] Group 2 - The decline in Yanjiao's property market is attributed to a combination of strict regulatory measures, including increased purchasing thresholds and tightened mortgage policies, which significantly reduced market demand [21][24][26] - Overdevelopment in the region led to an oversupply of housing, with the number of new properties doubling from 2017 to 2021, resulting in a surplus that further pressured prices downward [28][30] - The economic foundation of Langfang, where Yanjiao is located, is weak, lacking sufficient job opportunities and failing to attract talent, which exacerbates the decline in the real estate market [32][34]

Core Insights - The real estate market in Yanjiao has experienced significant fluctuations, often influenced by the Beijing market, leading to a narrative of both opportunity and loss for investors and homeowners [1][8]. Group 1: Market Trends - Yanjiao's housing prices soared from 2014 to 2016, surpassing many second-tier cities in China, but the market was not sustainable due to its proximity to Beijing [11]. - In 2017, strict purchase restrictions led to a dramatic price drop, with values nearly halving [11]. - The COVID-19 pandemic exacerbated the situation, causing increased difficulties in commuting and leading to a rise in mortgage defaults, further depressing housing prices [11][12]. Group 2: Individual Stories - A buyer named Liu Yuxin purchased a second-hand home for 700,000 yuan in 2014, but by 2021, the property's value had plummeted to 1.05 million yuan, resulting in no profit or loss upon sale [3][4]. - Another buyer, Liu Jing, invested over 3 million yuan in 2017, only to see her property lose over 1 million yuan in value, forcing her to abandon her dream of buying in Beijing [7]. - Chen Ling bought a commercial property for 1.2 million yuan in 2018, but due to changes in planned infrastructure, the property's value dropped to around 600,000 yuan, complicating his financial plans [8]. Group 3: Market Outlook - The Yanjiao real estate market has seen prices drop from a peak of 30,000 yuan per square meter to around 10,000 yuan, effectively returning to 2012 levels [13]. - The market's future remains uncertain, with many buyers still hoping to integrate into Beijing's housing market despite the challenges faced [14].