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.