What would happen if housing prices in first-tier cities were to drop by half?

In Gangli Haoyuan, Futian, Shenzhen, a property that cost 13 million in 2021 now sells for less than 7 million for the same layout.

In Zhonghai Kangcheng, Dayun, Shenzhen, properties that once peaked at 70,000 per square meter now go for 27,000 to 28,000.

In Jiaxinyuan, Dayun, Shenzhen, a friend of mine bought an 80-square-meter unit for 3.5 million. It rose to 4.5 million a year later, and he was so happy. Recently, an 80-square-meter unit with excellent decoration and floor sold for 2.15 million...

In Shuijingzhicheng, Henggang, Shenzhen, the peak price was 58,000, now it's 21,000 to 22,000.

In Ailian Longcheng Huafu, Longgang, which is considered a school district property, the highest transaction was around 55,000. Now, there's a 75-square-meter unit listed for 2.08 million, just the listing price.

Let's talk about two more communities, Oceanwide New World and Vientiane Tiancheng, both just over a kilometer from the Longgang District Government:

Before the Spring Festival, a 72-square-meter layout in Oceanwide New World still cost 2.4 million. Now, an agent is asking me if I want to buy an 89-square-meter unit for 2.2 million.

In Vientiane Tiancheng, a layout that sold for 2.3 million before the Spring Festival dropped to 1.7 million in June and July. In just half a year, it fell another 30%...