"Do you want to sell this house in your hand?" asked Ms. Lu, the president of a wealth management institution that owns several houses across the country.

She has purchased several homes over the past few years.

Because she is busy with work, she has no time to "sell" real estate. She wanted to sell a house in Hangzhou a few months ago, but found that after the G20, house prices in Hangzhou have risen again; her real estate in Shanghai has also increased by several times without paying attention.

million.

Should she be happy about this?

Do you want to continue to watch the value of your house increase - even if it has increased so much - what if one day the price drops?

What else can I invest in if I sell my house?

In addition to real estate, Ms. Lu has investable assets of 6 to 30 million yuan.

As a professional, she visually inspected the current income performance of stock markets, funds, foreign exchange, gold and other asset classes, and then turned her attention back to the real estate market.

However, I still feel uneasy, a little scared, and a little uneasy.

This is not her feeling alone.

It’s not just high-net-worth clients in the eyes of these private banks.

Even the average middle-income people are full of doubts about this.

Their investable assets may be only tens of thousands, or more than 100,000 or even millions of yuan.

They may already own a property that is still repaying the loan, or they may still be struggling for the down payment. They are in Beijing, Shanghai, Guangzhou or second- and third-tier cities, but the confusion seems to be the same: Can they still buy a house?

If you don’t buy a house, how can you outpace inflation and get value-added with the money in your hand, no matter how much or how little?

An unspeakable sense of anxiety is spreading among different markets and people.

Especially the middle class, he or she seems to be "sick" and suffering from wealth anxiety.

Three things happened under the "asset shortage": house prices, exchange rates, and gold prices. "House prices have risen so much that people who don't have a house are desperate, and those who have a house are panicked. What I didn't expect is that some developers are the same." The market is lamenting; there is too much liquidity.

, the market is too crowded, institutions and capital are complaining about the "shortage of high-quality assets."

Will house prices continue to rise?

In Nanjing, Hangzhou, Suzhou, and Jinan, words that had been absent for a long time have returned to people's vision: price limits, purchase restrictions, strict crackdowns on stock prices... Some people who were considered to be maliciously speculating on rising housing prices and false information were detained, and housing prices

The rise has triggered a new round of regulation and is affecting more cities.

In the face of high housing prices, the People's Daily also came out to speak out. Its WeChat official account posted an article, "If you lose your struggle, no matter how much property you have, you will be homeless."

Explicit statement: When working hard is not as good as speculating on real estate, it may establish a wrong orientation and values.

However, the phenomenon of "real estate appreciation quickly kills hard work" has caused some people who have just entered the middle class to feel frustrated.

Mr. Li is an infrastructure engineer who used to be responsible for safety work in the engineering project department of a state-owned enterprise.

After accumulating a certain amount of wealth, he resigned last year and started working on his own projects.

He had just bought a new car and had a deposit of five to six million yuan, but he was constantly plagued by anxiety.

According to Mr. Li, he currently has a property under his name for his own residence, and also has a homestead of several hundred square meters in the suburbs of Beijing.

He said that in the eyes of his wife, he was not a smart person.

As housing prices in Beijing continued to rise, many friends and colleagues bought houses around 2010. Although they had such plans, they were ultimately shelved due to various reasons, and the couple was angry about this.

"I also thought about improving the housing conditions at home, but the current housing prices are too scary, so I don't dare to buy them easily." Considering that there are still homesteads in the suburbs, the rising housing prices made Mr. Li finally give up the idea of ??changing houses.

After resigning, Mr. Li has an annual income of nearly one million yuan. However, in the context of the economic downturn, projects are becoming increasingly difficult to complete. Not only are profits thin, but credit risks such as triangular debt are constantly discouraging his enthusiasm.

The stock investment that has yet to repay has allowed him to maintain a rationality mixed with pessimism in this year's tepid market.

"I am really confused and frustrated now. I have always felt that domestic housing prices are already very high, but they are still rising. Thinking about the experiences of the United States and Japan, I am worried that I will be the last to take over. Because of this,

I missed a lot of opportunities to buy a house.” Mr. Li said that the several million deposits he had in hand were not much, and how to maintain and appreciate the value became a headache. “Now I am basically buying short-term financial management, and the annual interest rate is less than 10%.

4%, I’m really afraid that I won’t be able to make a living as housing prices continue to rise and the RMB depreciates. Especially when I see a square dancing aunt sitting on several properties, I will feel frustrated. “If the choice is wider.

More broadly, is overseas asset allocation a good idea?

Many high-net-worth individuals choose to buy houses overseas, and overseas media attribute the rise in housing prices in some cities in Australia, Canada and other countries to the purchasing power of the Chinese.

Even investors who do not have the ability to buy houses choose to convert part of their deposits into U.S. dollars or invest in overseas stock markets and fixed income products.

The risk of exchange rate fluctuations has undoubtedly added some heat to the heating up of overseas asset allocation.