亚洲聚焦：中国房价下跌与负资产问题-Asia in Focus_ Home Price Declines and Negative Equity in China

ASIA IN FOCUS 12 February 2026 | 9:25PM HKT Economics Research Home Price Declines and Negative Equity in China Hui Shan +852-2978-6634 | hui.shan@gs.com Goldman Sachs (Asia) L.L.C. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. c45a43530f604d12bcb9a82b5aa6b9f6 n Negative equity combined with job loss is often referred to as a "do ...