Remote work is gradually becoming a trend in private and foreign-owned enterprises, and rents in most office buildings have continued to fall.
Globally, remote work from home has become the mainstream, and most companies, except for those in the manufacturing industry, no longer need a fixed office location.
Smart capital has already divested its office buildings, rendering them worthless and no longer tied to resources like healthcare and education.
With demand gone and no forceful measures to prop it up, both office building asset prices and rents have entered a downward trend.
In China, only state-owned enterprises still operate their offices in office buildings.
This leads to a new round of matching between housing prices and the value of their residential attributes.
Taking China as an example, a very important aspect of the added value of housing is commuting time, but many young people no longer consider commuting time.
In this era, even Lianjia (a real estate agency) offers VR-guided house viewings, allowing users to directly enter Lianjia's VR world and have an agent show the house by inputting a specific number.
This is also bad news for local governments. The original plan was to create a so-called new district and then force people from the old city to move to the new district by offering them jobs.
The strategy of selling new residential land in the district is no longer viable.
If businesses don't have a need to cluster their offices, and you build a new district, but the new district can't provide enough job opportunities, it means you can't attract people to the new district.
With no one in the new district, residential land is not fetching good prices, and local finances are facing depletion.
It's important to know that most of the land in the old city area has already been sold, and there's basically no residential land left to auction. Demolition and relocation require costs.
It should be noted that among major cities in China, 13 cities have a land dependence rate of over 100%, while only five cities have a land dependence rate of less than 50%.
The most extreme case is Hangzhou, where the dependence on land revenue is as high as 150%!
They are also the most enthusiastic about selling land in virtual cities; Ali and Hangzhou City almost hit it off immediately.
There was even a case where Hangzhou wanted to sell the virtual property rights of the city to Ali and ByteDance separately, but Ali strongly opposed it and threatened to relocate its headquarters, which led to the decision being abandoned.
Only five major cities have a land revenue dependence ratio of less than 50%, among which Shenzhen, Shanghai, and Beijing have the lowest dependence ratios.
Four years later, land-based finance has become completely unsustainable, and property tax has already begun to be piloted in strong second-tier cities.
Chengdu and Hangzhou were selected as the first pilot cities.
First-tier cities are not as reliant on land revenue, and China is also afraid that relying on land revenue in first-tier cities could lead to a snowball effect of collapsing housing prices.
The market is currently frozen, and it can barely maintain a slow decline in first- and second-tier cities.
Among the two cities chosen, Hangzhou has the highest dependence on land, while Chengdu is not low either, with a land revenue dependence of up to 100%.
Moreover, these two strong second-tier cities provide a sufficient sample size for observation, and even if something happens, the impact can be limited to these two cities.
Even though China had already built a rocket launch base on the moon, local governments in China still relied heavily on land revenue.
The two formed a contradictory yet organic unity in China.
"At this meeting, we need to discuss how the next generation of brain-computer interface VR can provide consumers with a better experience in terms of products."
Optimizing only the chip and display effects is not enough to differentiate us from other manufacturers.
After a pause, Li Miaomiao said, "Or perhaps we should simply adopt a more humble approach in our marketing?"
These four years have been described by outsiders as Zheng Li's four years of disappearance.
Compared to the revolutionary changes in each generation of brain-computer interface (BCI) VR products in the past, the BCI VR of the past few years is like Apple after losing Steve Jobs: larger chips, shorter notches, and better cameras.
Although Kechuang Future's products still hold an absolute lead in the VR field, other manufacturers in the market have caught up.
The same applies to Kechuang Biotechnology. In four years, the only new drug to be launched was the one that stimulates the regeneration of myocardial cells.
For the past four years, there have been voices in the capital market questioning whether Kechuang Bio has lost its past R&D capabilities and is now no different from ordinary technology companies.
At its peak, the market value of Kechuang Bio exceeded that of Apple, but now its market value is only half that of Apple, and it is even declining.
This valuation is only barely possible because it's supported by third-generation brain-computer interface technology.
Currently, the second-generation brain-computer interface technology is sold to various manufacturers on a pay-per-use basis.
The third-generation brain-computer interface technology only realizes the sensation of dizziness by converting electrical signals into neural signals.
It's more hype than substance.
When it first came out, opinions on various social media platforms seemed to see the dawn of virtual reality, and the science and technology innovation of biological products was being touted as something extraordinary.
Three years have passed since then, and users have been waiting to see if Kechuang Bio's new products can bring them a new generation of revolutionary experiences.
Consumers don't care how difficult the technology is to implement; they only see the final product presented to them, losing the ability to surprise and delight them.
"I was watching the news just now when I saw a media report saying that our new products this year will have a revolution in brain-computer interface technology."
I was terrified for a moment because I knew we didn't.
The improvements are only in chip processing speed and display quality, and most consumers cannot perceive these improvements through their senses.
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