According to data from the National Bureau of Statistics (NBS), from January to March, national real estate development investment totaled 1,772 billion yuan, down 11.2% YoY, with the decline widening by 0.1 percentage points compared with the January-February period; of which, residential investment was 1,353.1 billion yuan, down 11.0%, with the decline widening by 0.3 percentage points. From January to March, the floor space of buildings under construction by real estate development enterprises was 5.4174 billion m², down 11.7% YoY. Of which, the floor space of residential buildings under construction was 3.7546 billion m², down 12.1%. The floor space of buildings newly started was 103.73 million m², down 20.3%. Of which, the floor space of residential buildings newly started was 74.2 million m², down 22.0%. The floor space of buildings completed was 97.89 million m², down 25.0%. Of which, the floor space of residential buildings completed was 69.83 million m², down 26.5%.

Overview of China's National Real Estate Market from January to March 2026

I. Real Estate Development Investment

From January to March, national real estate development investment totaled 1,772 billion yuan, down 11.2% YoY, with the decline widening by 0.1 percentage points compared with the January-February period; of which, residential investment was 1,353.1 billion yuan, down 11.0%, with the decline widening by 0.3 percentage points.

From January to March, the floor space of buildings under construction by real estate development enterprises was 5.4174 billion m², down 11.7% YoY. Of which, the floor space of residential buildings under construction was 3.7546 billion m², down 12.1%. The floor space of buildings newly started was 103.73 million m², down 20.3%. Of which, the floor space of residential buildings newly started was 74.2 million m², down 22.0%. The floor space of buildings completed was 97.89 million m², down 25.0%. Of which, the floor space of residential buildings completed was 69.83 million m², down 26.5%.

II. Sales and Pending Sale of Newly Built Commercial Buildings

From January to March, the floor space of commercial buildings sold (newly built) was 195.25 million m², down 10.4% YoY, with the decline narrowing by 3.1 percentage points compared with the January-February period; of which, the floor space of residential buildings sold declined by 13.1%. Sales revenue of newly built commercial buildings was 1,726.2 billion yuan, down 16.7%, with the decline narrowing by 3.5 percentage points; of which, residential sales revenue declined by 18.5%.

At March month-end, the floor space of commercial buildings pending sale was 786.01 million m², down 0.1% YoY. Of which, the floor space pending sale for less than three years was 590.12 million m², down 1.8%.

III. Funds Received by Real Estate Development Enterprises

From January to March, funds received by real estate development enterprises totaled 2,052.4 billion yuan, down 17.3% YoY. Of which, domestic loans were 341.9 billion yuan, down 23.7%; self-raised funds were 776.2 billion yuan, down 5.3%; deposits and advance receipts were 585.8 billion yuan, down 20.1%; and individual mortgage loans were 220.4 billion yuan, down 34.6%.