Core Viewpoint - The real estate market in Shijiazhuang is experiencing a slow but noticeable decline in prices, with a significant increase in the supply of second-hand homes due to the issuance of 260,000 property certificates, which could lead to further price drops in the future [1][3][5]. Group 1: Current Market Conditions - The overall decline in housing prices in Shijiazhuang has been gradual, with a decrease of approximately 500 from the end of last year, indicating a slower decline compared to the previous year [1]. - The transaction volume in the real estate market is continuously decreasing, and new homes are still being heavily marketed [1]. Group 2: Impact of Property Certificates - The recent issuance of 260,000 property certificates, particularly in the Chang'an District, is expected to increase the supply of second-hand homes by 15% to 20%, potentially raising the number of homes available for sale to around 60,000 [3][5]. - The increase in available second-hand homes is likely to exert downward pressure on prices, as the market is already struggling with sales [5]. Group 3: Government Revenue and Tax Implications - The issuance of property certificates could generate significant revenue for the government, with estimates suggesting that if 300,000 certificates are issued, it could yield around 900 million in fees, although not all of this would contribute to government revenue [5][6]. - The potential introduction of property taxes could further impact the market, with estimates indicating that approximately 62,000 homes may be subject to taxation, generating an annual revenue of about 1.86 billion [8]. Group 4: Future Market Outlook - The combination of increased supply and potential property taxes is expected to lead to further declines in second-hand home prices, although the extent of the decline remains uncertain [9].