China's property crisis, once limited to northern regions like the ex-coal boomtown Hegang, has now spread to wealthier southern cities, causing a significant drop in home prices and economic concern. Cities like Huizhou, once buoyed by proximity to major hubs like Shenzhen, have seen home values plummet by over 45%, leaving homeowners like Wendy Ye facing severe financial strain. Nationwide, home values have dropped nearly 30% since their peak in 2021, a result of the government’s crackdown on developer debt. This property deflation threatens to weaken household wealth, reduce domestic consumption, and hinder economic growth, particularly in southern economic powerhouses like Guangdong.