Housing prices have essentially harvested the wealth of at least 1 billion people in China.

With a construction cost of 3000 yuan per square meter, under the frenzy of the real estate bubble, it soared to a maximum of 50,000, 100,000, even 200,000 yuan per square meter.

This was a super opportunity, unprecedented in human history, where you could make dozens of times your money just by buying a house.

Even more terrifying, you could leverage up—using credit cards, the savings of six family wallets—many people went all in on buying property, amassing huge fortunes of 10 million, 50 million yuan or more in just a few short years.

It was a great era. In the end, the smart ones cashed out at the peak, took the money from selling their houses, emigrated to the US, Australia, Canada, exchanging it for luxurious villas in Los Angeles, Irvine, Sydney, Vancouver, and Ferraris, Lamborghinis, and Rolls-Royces lining the streets.

And those who bought at the peak ultimately ended up with nothing more than piles of steel and concrete, and a 30-year mortgage that is almost impossible to pay off.

This is the great wealth transfer.