三只羊

Let me give you some valuable information about the Mid-Autumn Festival.

1. The August housing prices in 70 cities across the country were released. Except for Jilin, the remaining 69 cities all saw a decline. Moreover, regardless of whether it was first-tier, second-tier or third-tier cities, the month-on-month decline rate was significantly faster than in July, and there was no sign of bottoming out or stabilizing.

Regarding the bottoming out of housing prices, the main references are the Japanese and American models. The American model bottoms out in 2027, and the Japanese model bottoms out in 2040. Both are the result of comprehensive deleveraging after the bubble burst. History will not simply repeat itself, and we do not necessarily have to choose one of the two models of the United States and Japan. Perhaps our situation is different from that of the United States and Japan.