China Real Estate Investment

Data Macro

Source: National Bureau of Statistics China
Source Link: https://www.stats.gov.cn/
Frequency: Monthly
Next Release(s): September 14th, 2025 9:00 PM

Latest Updates

China’s real estate development investment fell -12.0% YoY in Jan–Jul 2025, with residential investment down -10.9% YoY.
- New housing starts declined -19.4% YoY by area (-18.3% residential), while completions dropped -16.5% (-17.3% residential).
- Commercial housing sales fell -4.0% YoY by area and -6.5% by value; residential sales declined -4.1% by area and -6.2% by value.
- Developer funding decreased -7.5% YoY, with self-raised funds down -8.5% and personal mortgage loans down -9.3%; domestic loans were flat (+0.1%).
- Inventory of unsold commercial housing fell 4.62M sq m MoM to 764.86M sq m; residential inventory declined 2.85M sq m.
- The national housing prosperity index stood at 93.34 in July, the lowest since January.
Source
Real estate development investment in China fell -11.2% YoY in H1 2025, with residential investment down -10.4% YoY, underscoring continued weakness in the property sector.
- New housing starts declined -20.0% YoY by area, and completions dropped -14.8% YoY; residential starts fell -19.6% and completions dropped -15.5%.
- Commercial housing sales were down -3.5% YoY by area and -5.5% YoY by value; residential sales dropped -3.7% by area and -5.2% by value.
- Developer funding fell -6.2% YoY, with self-raised funds down -7.2% and personal mortgage loans down -11.4% YoY.
- Inventory of unsold commercial housing fell 4.79 million sq m MoM to 769.48 million sq m; residential inventory declined by 4.43 million sq m.
- The national housing prosperity index edged down to 93.60 in June, signaling continued contraction.
Source
Real estate development investment in China fell -10.7% YoY from January to May 2025, the lowest in over a year, with residential investment down -10.0% YoY, highlighting persistent weakness in the property sector.
- New housing starts declined -22.8% YoY by area, and completions fell -17.3% YoY; residential starts and completions dropped -21.4% and -17.6%, respectively.
- Commercial housing sales were down -2.9% YoY by area and -3.8% YoY by value; residential sales fell -2.6% YoY by area and -2.8% YoY by value.
- Developer funding dropped -5.3% YoY, with self-raised funds down -7.2% and personal mortgage loans down -8.5%.
- Inventory of unsold commercial housing fell 7.15 million sq m MoM to 774.27 million sq m, with residential inventory down 4.39 million sq m.
- The housing market prosperity index stood at 93.72 in May, indicating subdued sentiment.
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Real estate development investment in China fell -9.9% YoY in March, down from -9.8% YoY in the Jan-Feb holiday period.
- New housing construction declined sharply, with area down -24.4% YoY, including a -23.9% YoY drop in residential projects.
- Housing completions dropped -14.3% YoY overall and -14.7% YoY for residential properties.
- Sales of new commercial buildings were down -2.1% YoY by area and -3.0% YoY by value, with residential sales nearly flat at -0.4% YoY.
- The area of commercial housing for sale shrank by 12.27 million square meters from February.
- Funds in place for developers fell -3.7% YoY, with self-raised funds down -5.8% and personal mortgage loans down -7.0%.
Source
Real estate development investment was down -9.8% YoY in the January-February period, up from -10.6% YoY in December and the strongest since April 2024.
- New commercial real estate sales by area improved from -12.9% YoY in December to -5.1% YoY, and by number of sales, improved from -17.1% YoY to -2.6% YoY.
- Residential sales were only down -0.4% YoY, an improvement over -17.6% YoY in December.
Source
Total real estate investment growth reached a new low of -10.6% YoY in December, down from -10.4% YoY in November. Construction of new commercial buildings is down -12.9% YoY while sales of new commercial buildings is down -17.1% YoY. The total area of commercial building for sales has, therefore, risen 10.6% YoY.

Source
China’s real estate sector struggles continue as real estate development investment was reported down -10.4% YoY, the largest drop so far this year. Total new housing construction fell -23.0% YoY. The decline in total sales of newly built commercial housing has continued to improve over the year and was down -14.3% YoY which is an improvement from the -15.8% YoY decline in October.

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