Due to a decline in housing prices, the relationship between a couple has been affected. According to reports, some couples in mainland China are starting to see a phenomenon of divorcing to liquidate their real estate assets due to shrinking assets.
Autumn works in a state-owned enterprise, while Lao Jin works in a large factory. Although both are wage earners, they have been living a relatively comfortable life. They each own a house in Beijing’s Fangshan and Qingdao, both of which were purchased with loans.
According to Autumn’s statement to Phoenix News, they originally planned to sell their Beijing house after the prices rose, aiming to buy a smaller one in the city center. However, due to the economic downturn, the house’s value dropped from 2.3 million to 1.6 million.
As the house depreciated in value, issues started arising in their marriage. Not only that, “I see no hope for advancement in the company, and his performance is halved and he could be laid off at any time,” Autumn said, causing frequent arguments between them.
Eventually, Lao Jin proposed a divorce, stating, “He wants to cut losses before both the house and the marriage continue to depreciate,” and then proposed to keep the Qingdao house, sell the Beijing house, and split the assets.
Autumn expressed her shock, saying, “I was completely caught off guard. If he had just mentioned divorce, I might have been sad, but he immediately brought up asset division, making me instantly firm.”
She mentioned she couldn’t accept her husband’s proposal. Although Lao Jin’s family provided the down payment for the Beijing house, her family was responsible for the renovation, and there were many complex matters to resolve. Besides, she has a deep emotional attachment to the Beijing house, but Lao Jin is eager to sell it and return to Qingdao.
Lao Jin said, “I feel like a trapped dog, spinning around cars, houses, and children before even turning 40. If it weren’t for buying a house, I can’t even imagine how great my life would be now.”
Autumn lamented, “I never thought we would end up like this,” but the drop in housing prices has triggered a series of problems. Currently, they are still in the negotiation stage, and although there are signs of a rebound in Beijing house prices, they both feel discouraged.
When Autumn purchased the house initially, almost everyone around her was also buying at the same time. She said, “I’m not the first person around me to divorce due to falling house prices.”