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A few days ago, I came across a video complaining about housing prices.
I was really shocked.
It said that there was a guy who, at the peak of the housing market, bought a house in Yanjiao, Beijing, with a total price of 10 million yuan, at a unit price of 42k yuan per square meter, with a loan of 6.7 million yuan.
Now, this house can only be sold for 1.2 million yuan, and it might not even sell.
In other words, this house has depreciated by 90% in just a few years.
Including interest losses, it's like throwing 10 million yuan into the water with nothing to show for it.
I think the halving of houses in Hangzhou is already pretty devastating, but I didn't expect there to be something that cuts down to only one-tenth of the original.
I initially suspected it was fake news, so I looked it up, and it’s indeed true.
But there’s one thing wrong: Yanjiao is not part of Beijing; Yanjiao is a town under the jurisdiction of Sanhe City, Langfang City, Hebei Province, adjacent to Beijing’s Tongzhou District (the city’s sub-center).