A few common-sense points about the future of real estate:

1. Already, 1/9 of Japan's land area is in a state of having no owner. As China's aging population intensifies, more and more houses will become negative assets, and in the future, China will also see a large number of 'ownerless houses'.

2. The real estate market is definitely becoming increasingly oversupplied. Coupled with the depreciation from aging buildings, most houses have a lifespan of only 30-50 years. The rental returns for most houses in the future will only get lower and lower.

3. For most houses, the price decline has no bottom, and there is simply no possibility of bottom-fishing.

4. Houses are at best collateral, not good investment products. If houses were good investments, Warren Buffett would definitely invest in real estate instead of stocks.

5. In the future, house prices, rents, housing quality, and home purchase demand—all four dimensions will face a market crash.