Speaking about the experience of being a middle-class individual with both real estate and securities assets over the past few years:

Yesterday, I had a chat with a friend who said that a few years ago, money was easy to make—with hard work, one could earn one to two million a year. She made money like this for three to four years and invested most of it in real estate, thinking she could live a comfortable life on rental income. This mindset was probably a common investment belief back in 2016.

Unexpectedly, in recent years, especially after the pandemic, the situation has drastically changed. Residential property prices have dropped, and commercial properties are even harder to rent out. Among the properties she bought, only the one she currently lives in has retained its value—the others have suffered significant losses, and the commercial properties she purchased even required legal action to protect her rights.

Back then, many people would buy houses and commercial properties as soon as they made money. I once heard in a sales office that some people bought 10 or even 20 apartments and shops, dreaming of living off rental income in the future. These are the ones who have suffered the most in recent years, with their wealth severely shrinking and even burdened by heavy mortgage pressures.

The crazy years of real estate created many wealth miracles but also left behind many original sins.

In the past, China's middle class would typically invest their earnings in real estate and other investments, with daily consumption accounting for only a small portion.

Now, the middle class feels the pinch of shrinking real estate values and a perpetually bearish stock market. Their wealth has significantly diminished—how could they dare to spend lavishly? Now, they can only hope for a stock market rally to recover some of their losses.

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