The 2025 China Urban Housing Price Decline Ranking is quite shocking, isn't it? A significant setback in wealth, an unprecedented historical crisis. For example, Chengdu, where the Tianfu New Area was speculated on in the past two years, has lost everything. Due to the dual blow of population decline and expectations of falling housing prices, the demand for new homes in Chinese cities in the coming years will be 75% lower than the peak in 2017. Compared to the historical highest point of housing prices, 11 cities have fallen below 50%, 25 cities below 40%, and 50 cities below 30%. If there is a further decline of 30% in the future, more than half of the middle class will be wiped out. We are sorry: we warned multiple times in 2022 that housing prices in mainland China and Hong Kong would fall by 50%. Remember: wealth is compensation for cognition, not a reward for hard work.