Someone bought a house at the peak for 3 million, took out a 2.4 million loan, and paid equal principal and interest for 5 years, with a monthly payment of 12,882 yuan. After 5 years: 1. Paid 773,000 in monthly payments, but 577,000 of that was interest, still owes the bank 2.2 million. 2. House price dropped by 60%, selling it after taxes and fees nets 1.3 million, still owes the bank 900,000. The house is gone, and they still have to pay the bank 900,000 out of pocket, resulting in a net loss of 2.38 million over 5 years. This explains why Chinese people have stopped spending.