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.