I found that the hardest-hit housing prices fall into two categories. One category is coastal properties like those in Weihai and Guangxi. A group of people was misled into buying them back in the day, and the prices were even inflated. Now they are around 2000-3000. The second category is quite interesting, which includes overflow areas from Beijing and Shanghai. For example, Yanjiao near Beijing, which is just a river away from Tongzhou, used to be as high as 40,000, and now it's selling for 3,000, a direct knee-jerk drop. Similarly, in the Shanghai area, there’s Kunshan Huqiao, which is very close to Jiading in Shanghai and has a subway to downtown Shanghai. It is said that this has also dropped by about 60%.

These overflow areas are comparable to altcoins; when liquidity is abundant, they rise significantly, but they also drop hard when the market declines.

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