Chinese Real Estate Crisis Revealed by Netizens in Nanjing
How bad is the housing market in China? A netizen from Nanjing exposed the situation by revealing that a friend purchased a house in Judong City, Jiangsu province, for 1.2 million yuan in 2017, and after 9 years of repayment, the latest price offered by the agency was only 280,000 yuan.
On April 6, a Weibo influencer who claimed to be the former general manager of Nanjing Vision Hong Culture Communication Co., Ltd., under the handle “Fat Guy Going Crazy,” posted that his colleague had bought a house for 1.2 million yuan in 2017 and had been repaying the loan for 9 years. The agency quoted a price of 300,000 to 330,000 yuan the night before, claiming it could be sold, but there was still an outstanding loan of 420,000 yuan. After contemplating all night, the friend decided to cut losses and sell the property, and the agency informed her in the afternoon that it could only be sold for 280,000 yuan.
Screenshots posted by “Fat Guy Going Crazy” showed that the friend had initially thought that if she could sell the house for 300,000 to 330,000 yuan, she wouldn’t need to repay the loan by topping up some money. However, the agency came back with an offer of 280,000 yuan, leading the friend to express her frustration by saying, “Can you understand my feelings? I am really angry and want to smash that house with a hammer. If I don’t sell it, I still have to pay interest every month, which makes me even more upset.”
Netizens commented on the post, with one saying, “My relative bought a property in Judong for 1.4 million yuan, and now someone is offering 380,000 yuan.” “Fat Guy Going Crazy” responded, “They should be in the same community, Bi Gui Yuan.”
Another netizen with an IP address in Jiangsu commented, “Oh my, I never expected to see my own place in this way… I am also one of the victims.”
Questions arose among netizens regarding the significant price drops in the housing market. A netizen asked, “Which area has such a dramatic decrease in property prices?” Another one responded, “Next to Nanjing, in Judong.” Some even jokingly remarked, “In the past, we rounded down when buying items, and now when buying houses, are we rounding down to the nearest whole number?”
A netizen from Guangdong mentioned, “I really can’t help but comment on this matter. I bought a property in Shenzhen in 2021 for over 2 million, and recently it was sold for 1.25 million.” Another one from Guangdong added, “I also had to cut losses and sell this year, losing 800,000 yuan and paying 5,000 yuan in interest every month.”
A netizen from Fujian shared, “I bought a property for over 800,000, including a parking space which should be worth around 1 million. Now it’s estimated at around 500,000 to 600,000. If I don’t sell, I’ll end up like your friend, and if I sell, I’ll lose over 300,000.”
A netizen from Shanghai mentioned, “My relatives bought a house in Fangqiao for over 2.2 million in 2017, and now a second-hand house is selling for 880,000, which is still overvalued. And you know about loans…”
A netizen from Tianjin said, “My friend bought a property for over 1.2 million at the beginning, and now can sell it for 550,000, but after paying off the house loan, only 40,000 is left, after 7 years of repayment.”
A netizen from Chongqing shared, “I bought a house for 900,000 and sold it for 458,000 last month. I had to pay the agency fee myself when selling, and the sale price was not enough to cover the remaining loan.”
A netizen from Shanxi said, “My family bought a house for 900,000, and now it can be sold for 500,000, which happens to be the loan amount. We are planning to pay off the loan this year, it’s such a big loss.”
According to Baidu Baike, Bi Gui Yuan Phoenix City was established in August 2010, also known as Judong Bi Gui Yuan, Judong Phoenix City, located in the Huangmei Central District of Judong City, which is east of Nanjing. It is a high-quality large-scale comprehensive community within the Fengguan Community of Judong City.
Bi Gui Yuan Phoenix City is planned to have a population of about 300,000 residents. According to official data from the Judong Municipal Government, as of November 8, 2022, the total population residing in the area is around 64,300, with 45,000 residents from Nanjing, accounting for 70% of the total population. By April 2025, there are over 30,000 households in the area, with a residential population of nearly 40,000.
Public information indicates that Judong City is a county-level city under the jurisdiction of Zhenjiang City in Jiangsu Province. Located in the southwest of Zhenjiang City, it borders the Yangtze River to the north and connects with Nanjing to the west. Known as the “New Eastern Suburb of Nanjing” and the “Imperial Garden of Jinling,” it is a emerging city in the Yangtze River Delta region that integrates ports, industries, commerce, and tourism.