In 2025, national real estate development investment fell by 17.2% year-on-year, the sales area of newly built commercial housing decreased by 8.7% year-on-year, funds received by real estate development enterprises dropped by 13.4% year-on-year, and the real estate development climate index continued its downward trajectory.

Data released by the National Bureau of Statistics on January 19th showed that in 2025, the floor space under construction by real estate development enterprises was 65.989 billion square meters, a decrease of 10.0% compared to the previous year. Within this total, residential building construction area was 46.0123 billion square meters, down 10.3%. The floor space of newly started construction was 5.877 billion square meters, plummeting by 20.4%. Of this, newly started residential building area was 4.2984 billion square meters, declining 19.8%. The floor space of buildings completed was 6.0348 billion square meters, falling 18.1%. Specifically, completed residential building area was 4.283 billion square meters, down 20.2%. In 2025, the sales area of newly built commercial housing was 8.8101 billion square meters, a decrease of 8.7% from the previous year; sales area for residential homes within this total fell by 9.2%. The total sales value of newly built commercial housing was 8.3937 trillion yuan, dropping 12.6%; sales value for residential properties decreased by 13.0%. By the end of 2025, the floor space of commercial housing awaiting sale stood at 7.6632 billion square meters, an increase of 1.6% from the end of the previous year, though this was 1.0 percentage points lower than the figure at the end of November. The area of residential properties awaiting sale grew by 2.8%.

I. Real Estate Development Investment Declined 17.2% Year-on-Year In 2025, national real estate development investment amounted to 8.2788 trillion yuan, declining 17.2% compared to the previous year (calculated on a comparable basis, see note 6), following a previous decline of 15.9%. Investment in residential buildings was 6.3514 trillion yuan, down 16.3%.

In 2025, the floor space under construction by real estate development enterprises was 65.989 billion square meters, a decrease of 10.0% from the previous year. Residential building construction area within this total was 46.0123 billion square meters, down 10.3%. The floor space of newly started construction was 5.877 billion square meters, falling sharply by 20.4%. Newly started residential building area accounted for 4.2984 billion square meters of this, declining 19.8%. The floor space of buildings completed was 6.0348 billion square meters, a decrease of 18.1%. Completed residential building area was 4.283 billion square meters, down 20.2%.

II. Sales Area of Newly Built Commercial Housing Fell 8.7% Year-on-Year In 2025, the sales area of newly built commercial housing was 8.8101 billion square meters, decreasing by 8.7% compared to the previous year; sales area for residential homes fell by 9.2%. The sales value of newly built commercial housing was 8.3937 trillion yuan, down 12.6%; sales value for residential properties decreased by 13.0%.

By the end of 2025, the floor space of commercial housing awaiting sale was 7.6632 billion square meters, growing 1.6% from the end of the previous year, but this growth rate was 1.0 percentage points lower than at the end of November. The area of residential properties awaiting sale increased by 2.8%.

III. Funds Received by Real Estate Development Enterprises Dropped 13.4% Year-on-Year In 2025, funds received by real estate development enterprises totaled 9.3117 trillion yuan, a decrease of 13.4% from the previous year. This total comprised domestic loans of 1.4094 trillion yuan (down 7.3%), utilized foreign capital of 2.5 billion yuan (down 20.8%), self-raised funds of 3.3149 trillion yuan (down 12.2%), deposits and advance receipts of 2.8089 trillion yuan (down 16.2%), and individual mortgage loans of 1.2852 trillion yuan (down 17.8%).

IV. Real Estate Development Climate Index Continues Downward Trend In December 2025, the Real Estate Development Climate Index (commonly known as the "National Real Estate Climate Index") was 91.45.