Someone bought a house at its peak for 3 million, took a loan of 2.4 million, and repaid it with equal principal and interest over 5 years, paying 12,882 yuan per month.

After five years:
1. They have repaid a total of 773k yuan in monthly payments, of which 577k yuan was interest, and they still owe the bank 2.2 million.
2. The house price has dropped 60%, and after selling the house minus taxes and other deductions, they net 1.3 million yuan, still owing the bank 900k.
The house is gone, and they still have to pay the bank an extra 900k yuan, resulting in a net loss of 2.38 million yuan over five years.
This can explain why Chinese people are no longer spending.