Investment in Real Estate Development from January to April 2025

1. The Completion of Investment in Real Estate Development

From January to April, the investment in real estate development was 2,773.0 billion yuan, a year-on-year decrease of 10.3 percent (calculated on a comparable basis, see Annotation 6 for details), of which the investment in residential buildings was 2,117.9 billion yuan, down by 9.6 percent.

From January to April, the floor space of buildings under construction of the real estate development enterprises was 6,203.15 million square meters, down by 9.7 percent over the previous year, of which the floor space of residential buildings under construction was 4,319.37 million square meters, down by 10.1 percent. The floor space of buildings newly started was 178.36 million square meters, down by 23.8 percent, of which the floor space of residential buildings newly started was 131.64 million square meters, down by 22.3 percent. The floor space of buildings completed was 156.48 million square meters, down by 16.9 percent, of which the floor space of residential buildings completed was 114.24 million square meters, down by 16.8 percent.

2. Sales of Newly Built Commercial Buildings

From January to April, the floor space of newly built commercial buildings sold was 282.62 million square meters, a year-on-year decrease of 2.8 percent, with a decline narrowed by 0.2 percentage points compared to the decrease from January to March; of which the floor space of residential buildings sold decreased by 2.1 percent. The sales of newly built commercial buildings were 2,703.5 billion yuan, down by 3.2 percent; of which the sales of residential buildings decreased by 1.9 percent.

At the end of April, the floor space of commercial buildings for sale was 781.42 million square meters, with a decrease of 5.22 million square meters compared to the end of March; of which the floor space of residential buildings for sale decreased by 4.55 million square meters.

3. Funds for Investment This Year for Real Estate Development Enterprises

From January to April, the funds for investment this year for real estate development enterprises were 3,259.6 billion yuan, down by 4.1 percent year on year. Among them, domestic loans were 561.9 billion yuan, up by 0.8 percent; the foreign investment was 1.6 billion yuan, up by 82.0 percent; self-raised funds were 1,095.3 billion yuan, down by 6.8 percent; deposits and advance receipts were 968.3 billion yuan, down by 3.0 percent; individual mortgage loans were 451.8 billion yuan, down by 8.5 percent.

4. National Real Estate Climate Index

In April, the national real estate climate index was 93.86.

Real Estate Development and Sales for Jan-Apr 2025

Real Estate Investment in Eastern, Central, Western and Northeastern Regions for Jan-Apr 2025

Sales of Commercial Buildings in Eastern, Central, Western and Northeastern Regions for Jan-Apr 2025

Annotations:

1. Explanatory Notes

The total investment in real estate development this year refers to all investments completed during the reporting period for housing, land development projects, public welfare construction, land acquisition costs and so forth. The index is cumulatively statistical data.

Floor space of newly built commercial buildings sold refers to the total areas sold of newly built commercial buildings in the contract during the reporting period (i.e. area of floor space designated in the formal contract signed by both sides). The index is cumulatively statistical data.

Sales of newly built commercial buildings refers to the contract lump sum of new commercial buildings for sale during the reporting period (i.e. the lump sum of sales for selling of commercial building as designated in the formal contract signed by both sides). This index is cumulative data, on the same comparable basis with the floor space of newly built commercial buildings sold.

Floor space of commercial buildings for sale refers to the area of commercial housing that has not been sold or leased among the completed construction areas of commercial housing available for sale or lease at the end of the reporting period, including the area of housing completed in the previous year and the current period, but excluding the floor area of buildings that cannot be sold or leased, such as those are demolished to rebuilt, unified and agent-construction, public supporting buildings, self-used by real estate enterprises and relocation houses that have been completed in the reporting period.

Funds for investment this year for real estate development enterprises refers to various currencies of real estate development funds actually available by the real estate development enterprises in the reporting period. Specifically, it includes domestic loans, foreign investment, self-raised funds, deposits and advance receipts, individual mortgage loans and other funds. The index is cumulatively statistical data.

Floor space of buildings under construction refers to the total floor space of all buildings by the real estate development enterprises during the reporting period, including floor space newly started in current year, floor space of continued construction of the building from the former period, floor space of stopped or postponed in the previous period but recovered in current year, floor space completed during current year, and newly started floor space in current year but postponed. Floor space under construction of multi-storey buildings refers to the total floor space of all storeys.

Floor space of buildings newly started refers to the floor space of buildings newly started by the real estate development enterprises during the reporting period, and it takes the unit project as the accounting object, not including continued construction area of buildings which started in the previous period and entered the reporting period, and restarted construction area in the current year but stopped or postponed in the previous period. The specific due date of construction for a building is subject to the date when excavation for the foundation (ground treatment or permanent piles) officially begins. Floor space of buildings newly started refers to the entire floor spaces of whole building and cannot be calculated separately.

Floor space of buildings completed refers to housing construction during the reporting period that has been completed in accordance with design requirements, and meets the living conditions and conditions of use, acceptance of accreditation standards or the final acceptance, and the total building areas could formally hand over to be used.

2. Statistics Coverage

All legal entities of real estate development with operation activities.

3. Survey Methods

Collect monthly with complete enumeration (no report in January).

4. Brief Description on National Real Estate Climate Index

The national real estate climate index follows the theory of economic cycle fluctuation, based on the business cycle theory and business cycle analysis, using time series, multivariate statistics, econometric analysis, taking investment in real estate development as the benchmarks, selecting related indicators such as real estate investment, capital, area, sales, excluding the impact of seasonal factors, including random factors, compiled by adopting the growth rate cycles method. The historical data will be revised monthly according to the newly added data. National real estate index selected year 2012 as the base year, and its growth rate was set at 100. Typically, the most appropriate level of national real estate climate index is 100, the moderate level is between 95 and 105, the lower level is below 95, and the higher level is above 105.

5. Division on Eastern, Central, Western and Northeastern Regions

The eastern region includes Beijing, Tianjin, Hebei, Shanghai, Jiangsu, Zhejiang, Fujian, Shandong, Guangdong, and Hainan; the central region includes Shanxi, Anhui, Jiangxi, Henan, Hubei, and Hunan; the western region includes Inner Mongolia, Guangxi, Chongqing, Sichuan, Guizhou, Yunnan, Xizang, Shaanxi, Gansu, Qinghai, Ningxia, and Xinjiang; the northeastern region includes Liaoning, Jilin, and Heilongjiang.

6. Explanation of Year-on-Year Growth Rate

In compliance with the real estate development statistical system and regulations on statistical law enforcement inspections, the data on the investment in real estate development and the floor space of newly built commercial buildings sold from the same period of the previous year have been revised to ensure accuracy. The growth rates are calculated on a comparable basis.