National Bureau of Statistics (NBS): In 2025, national real estate development investment reached 8,278.8 billion yuan, down 17.2% from the previous year.

The National Bureau of Statistics (NBS) announced today that in 2025, national real estate development investment totaled 8,278.8 billion yuan, down 17.2% from the previous year; of which, residential investment amounted to 6,351.4 billion yuan, a decrease of 16.3%.

I. Real Estate Development Investment Completion

In 2025, national real estate development investment reached 8,278.8 billion yuan, a decline of 17.2% from the previous year (calculated on a comparable basis, see note 6 for details); of which, residential investment was 6,351.4 billion yuan, down 16.3%.

In 2025, the floor space of buildings under construction by real estate development enterprises was 6.5989 billion m², down 10.0% year-on-year. Of this, residential building floor space under construction was 4.6012 billion m², a decrease of 10.3%. The floor space of buildings newly started was 587.7 million m², down 20.4%. Of this, newly started residential floor space was 429.84 million m², a decline of 19.8%. The floor space of buildings completed was 603.48 million m², down 18.1%. Of this, completed residential floor space was 428.3 million m², a decrease of 20.2%.

II. Sales and Pending Sale of New Commercial Buildings

In 2025, the floor space of new commercial buildings sold was 881.01 million m², down 8.7% from the previous year; of which, residential sales floor space fell by 9.2%. The sales value of new commercial buildings was 8,393.7 billion yuan, a decrease of 12.6%; of which, residential sales value dropped by 13.0%.

At the 2025 year-end, the floor space of commercial buildings pending sale was 766.32 million m², an increase of 1.6% from the prior year-end, and a pullback of 1.0 percentage point from the November month-end. Of this, the pending sale area for residential buildings grew by 2.8%.

III. Funds Secured by Real Estate Development Enterprises

In 2025, funds secured by real estate development enterprises totaled 9,311.7 billion yuan, down 13.4% from the previous year. Of this, domestic loans were 1,409.4 billion yuan, a decrease of 7.3%; utilized foreign capital was 2.5 billion yuan, down 20.8%; self-raised funds were 3,314.9 billion yuan, a decline of 12.2%; deposits and advance receipts were 2,808.9 billion yuan, down 16.2%; and individual mortgage loans were 1,285.2 billion yuan, a decrease of 17.8%.

IV. Real Estate Development Climate Index

In December 2025, the Real Estate Development Climate Index (abbreviated as “Guofang Climate Index”) stood at 91.45.