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.