The situation in 2008 was actually quite good because the land for their real estate development was acquired in 2006 and 2005 when land prices were still not that high. So, even when house prices in 2008 were slashed by half or even by two-thirds compared to 2007, many companies still grit their teeth and made it through.
After all, the duration was not long. In 2009, housing prices started to rise continuously, and by the end of the year, not only did they recover to the 2007 prices, but they even exceeded the 2007 housing prices.
However, from early 2009, after the house prices began to adjust and rise, housing prices reached a peak by 2021, and then started to decline. Although the decline was not as drastic as the one in 2008, the downturn lasted longer, and at that time, house prices had increased by at least 10 to 20 times compared to 2008.
