Real estate is so important, and it is so controversial. It is the symbol of wealth, the mother of the economic cycle, japan property agency the source of the financial crisis, the core of the distribution of large-scale assets, and it is related to the welfare of people’s livelihood, social stability, and the competitiveness of the real economy. For such an important issue, there have been widespread disputes, disagreements and even misunderstandings about housing prices, bubble volatility, population movements, urban planning, big city diseases, japan property agency and long-term mechanisms. From 1987 to 1990, the average annual growth rate of house prices in six major cities in Japan was 24. 6%, far beyond the mean before 1986; japan property agency from the fundamentals, Japan’s exports fell after the Plaza Agreement, the entity was difficult, and the economic growth rate was lower than the average before 1986; the currency was over-performing, The average working class is unable to buy a house in a big city even if it spends life savings. japan property agency Only the billionaires and the executives of a few large companies can afford to buy a home. This book is a summary of our long-term research. It has carried out long-term and serious research, scrutiny and carving on a series of important issues concerning real estate, in order to withstand the test of the times. We use a wide range of international perspectives, japan property agency A second-tier city gathers. 3) Inventory: The relatively large pressure of de-construction is part of the small and medium-sized cities in the third and fourth lines. Most of the cities with large inventory decompression pressures are small and medium-sized cities, and they are mostly concentrated in the central and western regions, northeast China and other economically underdeveloped regions. japan property agency This is consistent with the process of over-investment, population and resources migration to first- and second-tier cities in third- and fourth-tier cities. From the international experience of the United States and Japan, rich historical data, and solid data logic to try to find the truth and facts behind the disputes and misunderstandings, and to establish a logical framework for analyzing the real estate cycle, in order to explain the past well. And can reliably deduct the future. The 3rd and 4th lines are more serious than the first and second lines. From the perspective of housing, the higher vacancy rate in small and medium-sized cities may be due to excessive construction, and the vacancy rate in large cities may be related to excessive speculation. 6) Real estate leverage: Residents’ leverage is rising rapidly but the overall level is not high, and the developer’s asset-liability ratio is rising rapidly. Real estate leverage includes the consumer lending leverage on the demand side and the developer debt leverage on the supply side, which measures the financial turmoil. 1 From an international comparison, This book takes the exploration of the truth as the starting point, so that the conscience and the people’s livelihood are the ultimate goal.