From January to March, real estate development investment nationwide totaled 1.772 trillion yuan, reflecting an 11.2% decline compared to the same period last year. The decrease was 0.1 percentage points greater than the drop recorded in the January–February period. Residential investment amounted to 1.353 trillion yuan, down 11.0%, with the rate of decline expanding by 0.3 percentage points.

The floor space under construction by real estate developers reached 5.417 billion square meters, a year-on-year decrease of 11.7%. Residential construction area stood at 3.755 billion square meters, down 12.1%. New construction starts totaled 103.73 million square meters, falling 20.3% from a year earlier. Residential new starts declined by 22.0% to 74.20 million square meters. Completed floor space amounted to 97.89 million square meters, a drop of 25.0%, while residential completions fell 26.5% to 69.83 million square meters.

In the first quarter, sales area of newly built commercial housing reached 195.25 million square meters, down 10.4% year-on-year. The rate of decline narrowed by 3.1 percentage points compared to the first two months. Residential sales area decreased by 13.1%. Sales value of new commercial housing was 1.726 trillion yuan, falling 16.7%, with the decline narrowing by 3.5 percentage points. Residential sales value dropped 18.5%.

At the end of March, the unsold floor space of commercial housing stood at 786.01 million square meters, a slight decrease of 0.1% from a year earlier. Unsold units under three years old totaled 590.12 million square meters, down 1.8%.

Developers raised 2.052 trillion yuan in funds during the period, a decrease of 17.3% year-on-year. Domestic loans amounted to 341.9 billion yuan, falling 23.7%. Self-raised funds reached 776.2 billion yuan, down 5.3%. Down payments and advance receipts totaled 585.8 billion yuan, declining 20.1%. Individual mortgage loans dropped 34.6% to 220.4 billion yuan.