易车：2025中国车市正摆脱“房贷诅咒”：中国购车家庭收支洞察报告之房贷篇（英文版）（28页）.pdf

1、Insights on Household Income&Expense of Chinese Car Buyers Housing Mortgage(2025)TengYi Research InstituteChinas Car Market is Breaking the“Mortgage Curse”AuthorsDirector/Chief ALijun ZhouIndustry ABenya ShiOver the past two decades,Chinas real estate sector has risen to become the pillar of the nat

2、ional economy.Commercial housing sales expanded from less than 200 million square meters to a peak of 1.6 billion square meters,while the share of real estate value added in GDP increased from under 5%to over 8%.In the same period,Chinas passenger vehicle(new car)end-user sales surged from under 1 m

3、illion units to a peak of 24 million units.The housing and car markets grew in tandem like“best buddies,”driving Chinas robust economic growth;Between 2020 and 2022,both markets were hit hard by the pandemic.Housing sales contracted sharply to 1.222 billion square meters,while car sales struggled to

4、 sustain at the 20-million level.In the post-pan-demic years of 20232024,setbacks deepened:the housing market collapsed,with sales quickly falling below 1 billion square meters and housing prices plunging.Passenger vehicle sales appeared to recover,exceeding 23 million units in 2024,but the surge wa

5、s inflated by dealer inventory and“zero-km”used cars.Actual sales likely fell short of 20 million units.Meanwhile,intensified price wars eroded profitability,and carmakers increasingly lamented an industry caught in a spiral of hyper-competition;Over the past two decades,the housing and car markets

6、have largely shared the same cycles of boom and bust.Yet the relationship has also been characterized by tension:high mortgage burdens have long acted as a“structural constraint”on car consumption.As a result,sales have remained concentrated in entry-level,low-margin products such as compact sedans