China’s real estate development investment fell -17.2% YoY in 2025, reflecting broad-based contraction across construction, sales, and developer financing.

• Real estate development investment totaled CNY 8,278.8bn (-17.2% YoY), with residential investment at CNY 6,351.4bn (-16.3%), showing declines across the largest property segment.

• Construction activity remained weak, with total construction area at 6,598.9m sq m (-10.0% YoY) and residential construction area at 4,601.23m sq m (-10.3%).

• New project initiation continued to fall sharply, as new housing starts declined to 587.7m sq m (-20.4% YoY), including new residential starts of 429.84m sq m (-19.8%).

• Housing delivery also declined, with completed floor area at 603.48m sq m (-18.1% YoY), while residential completions fell -20.2% to 428.3m sq m, indicating continued contraction in both starts and completions.

• Housing demand and pricing conditions remained soft, with new commercial housing sales area down -8.7% YoY to 881.01m sq m and sales value falling -12.6% YoY to CNY 8,393.7bn; residential sales value dropped -13.0%.

• Inventory edged higher versus the prior year, with commercial housing for sale rising +1.6% YoY to 766.32m sq m at end-2025, including residential inventory up +2.8%, suggesting slower clearing despite weak new construction.

• Developer funding fell further, with funds in place at CNY 9,311.7bn (-13.4% YoY), led by declines in self-raised funds (-12.2%), deposits/advance receipts (-16.2%), and personal mortgage loans (-17.8%).

• The National Housing Prosperity Index stood at 91.45 in December 2025, remaining well below neutral and consistent with ongoing sector weakness.

China’s real estate development investment fell -15.9% YoY in Jan–Nov 2025, reflecting continued contraction across construction, sales, and financing.

• Real estate development investment totaled ¥7.86T (-15.9% YoY), with residential investment at ¥6.04T (-15.0% YoY), indicating broad-based weakness across property types.

• Total construction area declined to 6.56B sq m (-9.6% YoY), while residential construction fell -10.0% YoY, showing sustained pullback in ongoing projects.

• New housing starts dropped to 534.57M sq m (-20.5% YoY), with residential starts down -19.9% YoY, underscoring continued softness in project initiation.

• Housing completions fell to 394.54M sq m (-18.0% YoY), and residential completions declined -20.1% YoY, pointing to slower delivery alongside weaker starts.

• New commercial housing sales area decreased to 787.02M sq m (-7.8% YoY), while sales value fell to ¥7.51T (-11.1% YoY), indicating weaker demand and pricing.

• Commercial housing inventory stood at 753.06M sq m at end-November, down 3.01M sq m MoM, with residential inventory lower by 2.84M sq m, suggesting only modest monthly improvement.

• Developer funds in place fell to ¥8.51T (-11.9% YoY), driven by declines in self-raised funds (-11.9%), deposits and advance receipts (-15.2%), and personal mortgage loans (-15.1%).

• The real estate development prosperity index registered 91.90 in November, remaining well below neutral and consistent with ongoing sector weakness.

China’s real estate development investment fell -14.7% YoY in Jan–Oct 2025, with residential investment down -13.8% YoY, reflecting continued broad-based contraction across construction, sales, and developer financing.

• Total housing construction area declined -9.4% YoY to 6.53B sq m, while residential construction fell -9.7% YoY, showing sustained weakness in ongoing projects.

• New housing starts dropped -19.8% YoY (residential -19.3% YoY), and completions fell -16.9% YoY (residential -18.9% YoY), underscoring persistent softness across both project initiation and delivery.

• New commercial housing sales area decreased -6.8% YoY, with sales value down -9.6% YoY; residential sales fell -7.0% by area and -9.4% by value, indicating weaker demand alongside falling prices.

• Commercial housing inventory stood at 756.06M sq m at end-October, down 3.22M sq m MoM, with residential inventory lower by 2.92M sq m, signaling only marginal improvement in absorption.

• Developer funding fell -9.7% YoY to ¥7.89T, driven by declines in self-raised funds (-10.0%), deposits and advance receipts (-12.0%), and personal mortgage loans (-12.8%), while domestic loans eased only -1.8% YoY.

• Foreign capital usage dropped -37.5% YoY, reflecting significantly reduced external financing availability for developers.

• The national housing prosperity index registered 92.43 in October, remaining well below the neutral threshold and indicating continued weak sector sentiment.

China’s real estate development investment fell -13.9% YoY in Jan–Sep 2025, with residential investment down -12.9% YoY, reflecting continued contraction across construction, sales, and financing activity.

• The total housing construction area declined -9.4% YoY to 6.49B sq m, while new housing starts dropped -18.9% YoY and completions fell -15.3% YoY, indicating persistent weakness in both supply and project delivery.

• Residential new starts fell -18.3% YoY and completions dropped -17.1% YoY, underscoring the sustained slowdown in homebuilding activity.

• Commercial housing sales area decreased -5.5% YoY, with sales value down -7.9% YoY; residential sales fell -5.6% by area and -7.6% by value.

• The inventory of unsold commercial housing edged down 2.41M sq m MoM in September to 759.28M sq m, with residential inventory down 2.92M sq m, showing only marginal improvement in absorption.

• Developer funding fell -8.4% YoY to ¥7.23T, driven by declines in self-raised funds (-9.3%), deposits and advance receipts (-10.3%), and personal mortgage loans (-10.6%); domestic loans eased only slightly (-1.4%).

• The national housing prosperity index stood at 92.78 in September, remaining below the neutral threshold and signaling continued weakness in sector sentiment.

China’s real estate development investment fell -12.9% YoY in Jan–Aug 2025, with residential investment down -11.9% YoY, reflecting continued weakness across construction, sales, and funding.

• Housing construction area declined -9.3% YoY, with new starts down -19.5% YoY and completions down -17.0% YoY, showing broad contraction in building activity.

• Residential new starts fell -18.3% YoY and completions dropped -18.5% YoY, highlighting sustained weakness in housing supply.

• Commercial housing sales area decreased -4.7% YoY, while sales value fell -7.3% YoY; residential sales saw similar declines at -4.7% by area and -7.0% by value.

• Inventory of unsold commercial housing edged down 3.17M sq m MoM in August to 761.69M sq m, with residential inventory down 3.07M sq m.

• Developer funding dropped -8.0% YoY, with self-raised funds (-8.9% YoY), deposits & advance receipts (-10.5% YoY), and personal mortgage loans (-10.5% YoY) all weaker, though domestic loans edged up +0.2% YoY.

• The national housing prosperity index fell to 93.05 in August, indicating further deterioration in real estate activity.

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.

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.

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.