What is the true "kill zone"? Friend bought in at a high point in 2020, a 10 million yuan house, with a 3 million yuan down payment and 7 million yuan debt. By 2026, the house price dropped to 2 million yuan. Logically, if the business lost money, you could settle the debt by handing over the goods to the creditor and be done with it. Abroad, you throw the keys to the bank, file for bankruptcy, and walk away. Although your credit report gets blacklisted, at least you are free. But in China, don't even dream about it. You don't want the house? Fine, the bank takes it and auctions it for 2 million yuan. The remaining 5 million yuan difference, plus interest and penalties, still becomes the iron chain around your neck. This is called "unlimited liability." As long as you are still breathing, as long as you want to take high-speed trains or stay in hotels, this debt will be paid until death. The most terrifying truth is: if house prices fall to zero, that's just assets becoming worthless; if you still have to repay a lifetime loan after losing the house, that's true slavery.