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.