**Breaking News: Catastrophic Collapse in China’s Housing Market—Guangzhou Prices Plummet 95%**
In an unprecedented turn of events, Guangzhou’s housing market is witnessing a catastrophic collapse, with prices plummeting from a staggering ￥40,000 per square meter to a mere ￥10,000. This shocking development has left homeowners reeling and ignited a nationwide crisis, as reports indicate that 95% of homes in China are now facing elimination.
The once-coveted Cloud Mansion Apartments, a luxury project by Country Garden, exemplifies this dramatic downturn. Initially priced at ￥42,000 per square meter, units are now being sold for just over ￥11,000—a jaw-dropping 74% reduction. A local real estate agent described the situation as an “extreme case,” warning that many buyers who paid top dollar are now left with properties worth a fraction of their investment.
Online forums are ablaze with panic and despair as homeowners voice their fears about mortgage payments on properties that have lost significant value. One user lamented, “What will happen to those who bought homes here earlier? They can only cry about it now.” The sentiment is echoed across social media, where many are questioning the viability of the real estate market and the economic future of the region.
The implications of this collapse extend beyond Guangzhou, as experts warn of a broader market correction affecting suburban areas throughout China. With a staggering debt of nearly ￥1 trillion, Country Garden is scrambling to stabilize its finances amidst a liquidity crisis, leaving thousands of unsold properties in its wake.
As the government attempts to stimulate the market through drastic measures—including the removal of purchase restrictions and mortgage incentives—critics are left wondering if these efforts are merely desperate attempts to salvage a sinking ship. The reality is stark: homes are sitting empty, and the once-booming real estate sector is now a ghost town.
As the situation unfolds, the urgency for action is palpable. Homeowners and potential buyers alike are left to grapple with the unsettling question: who will be left standing as the housing market continues its freefall?