Real estate is like a black-and-white zebra.

"Would you say the zebra has white stripes on a black background, or black stripes on a white background?" On June 5, at the strategic cooperation press conference with Baidu, Yu Liang began with this vivid and novel "zebra" metaphor when discussing the recent collapse theory and turning point theory in the real estate market.

Yu Liang explained that for optimists who believe the zebra has a white background, it is necessary to tell them that half of it is black; but if you are pessimistic and believe the zebra has a black background, we will remind you to also see the existence of white stripes.

"When we are optimistic, we must remain vigilant; when we are pessimistic, we must have confidence," Yu Liang said. "There is no doubt that this industry has passed its most golden years, but it is by no means the Titanic about to hit an iceberg." Yu Liang believes that every emerging industry has a specific stage in which any investment can make money, and the bolder you are, the more money you can make. It is just that the era when boldness was king and everyone could make money has ended. He believes China's real estate has entered the silver age, but "don't forget that silver is still a precious metal."

Real estate is fundamentally a population issue, and there is still room for growth.

"The real estate issue is fundamentally a population issue," Yu Liang said. In terms of population quality, college students, once favored children of heaven, have gone from an enrollment rate of only 2%-4% in the past to 27% today, and more and more people are receiving a good education.

In addition, Yu Liang believes that the process of China's population gathering toward central cities has not ended. Besides Beijing, Shanghai, Guangzhou, and Shenzhen, there are still 60 cities with housing problems, and real estate is also a localized issue. Therefore, from the perspective of population quality and population distribution, "real estate still has room for growth."