Investment in Real Estate Development for January-September 2025

I. The Completion of Investment in Real Estate Development

From January to September, the investment in real estate development was 6,770.6 billion yuan, a year-on-year decrease of 13.9% (calculated on a comparable basis, see Annotation 6 for details), of which the investment in residential buildings was 5,204.6 billion yuan, down 12.9%.

From January to September, the floor space of buildings under construction of the real estate development enterprises was 6,485.80 million square meters, down 9.4% over the previous year. Specifically, the floor space of residential buildings under construction was 4,521.65 million square meters, down 9.7%. The floor space of buildings newly started was 453.99 million square meters, down 18.9%. Specifically, the floor space of residential buildings newly started was 332.73 million square meters, down 18.3%. The floor space of buildings completed was 311.29 million square meters, down 15.3%. Specifically, the floor space of residential buildings completed was 222.28 million square meters, down 17.1%.

II. Sales of Newly Built Commercial Buildings

From January to September, the floor space of newly built commercial buildings sold was 658.35 million square meters, a year-on-year decrease of 5.5%, of which the floor space of residential buildings sold decreased by 5.6%. The sales of newly built commercial buildings were 6,304.0 billion yuan, down 7.9%, of which the sales of residential buildings decreased by 7.6%.

At the end of September, the floor space of commercial buildings for sale was 759.28 million square meters, a decrease of 2.41 million square meters compared to the end of August. Specifically, the floor space of residential buildings for sale decreased by 2.92 million square meters.

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

From January to September, the funds for investment this year for real estate development enterprises were 7,229.9 billion yuan, a year-on-year decrease of 8.4%. Among them, domestic loans were 1,129.4 billion yuan, down 1.4%; the foreign investment was 1.8 billion yuan, down 37.3%; self-raised funds were 2,611.1 billion yuan, down 9.3%; deposits and advance receipts were 2,113.8 billion yuan, down 10.3%; individual mortgage loans were 988.4 billion yuan, down 10.6%.

IV. National Real Estate Climate Index

In September, the national real estate climate index was 92.78.

Real Estate Development and Sales for January-September 2025

Real Estate Investment in Eastern, Central, Western and Northeastern Regions for January-September 2025

Sales of Commercial Buildings in Eastern, Central, Western and Northeastern Regions for January-September 2025

Annotations

1. Notes on Indicators

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 indicator is cumulative.

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 indicator is cumulative.

Sales of newly built commercial buildings refer to the contract lump sum of new commercial buildings for sale during the reporting period (i.e. the lump sum of sales of commercial buildings as designated in the formal contract signed by both sides). This indicator is cumulative and is 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 years and the current period, but excluding the floor area of buildings that cannot be sold or leased, such as those 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 refer 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 indicator is cumulatively.

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 the current period, floor space of continued construction of the building from the former period, floor space of buildings stopped or postponed in the previous period but recovered in the current period, floor space completed during the current period, and newly started floor space in the current period but postponed. The 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, with individual project as the accounting unit, excluding the continued construction area of buildings which started in the previous period and entered this reporting period and the restarted construction area in the current period but stopped or postponed in the previous period. The commencement of building construction is determined by the date when excavation for the foundation (ground treatment or the driving of permanent piles) officially begins. Floor space of buildings newly started refers to the entire floor space of the whole building and cannot be calculated separately.

Floor space of buildings completed refers to the total floor space of buildings that have been completed during the reporting period in accordance with design requirements, have met the conditions for occupancy and use, have passed inspection and acceptance or have reached the standards for completion acceptance, and can be officially delivered for use.

2. Statistical Coverage

All legal entities of real estate development with operational activities.

3. Survey Methods

Comprehensive survey is carried out on a monthly basis (data in January is exempted from reporting).

4. Brief Description of National Real Estate Climate Index

Based on the business cycle theory and business cycle analysis, the national real estate climate index follows the theory of economic cycle fluctuation, uses time series, multivariate statistics, econometric analysis, takes investment in real estate development as the benchmark, selects related indicators such as real estate investment, capital, area, sales, excludes the impact of seasonal factors, and includes random factors. It is compiled by adopting the growth rate cycles method. The historical data is revised monthly according to the newly added data. National real estate climate index selects 2012 as the base year and sets its growth rate at 100. The most suitable 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. Definition of Eastern, Central, Western and Northeastern Regions

The eastern region includes 10 provinces (municipalities), namely, Beijing, Tianjin, Hebei, Shanghai, Jiangsu, Zhejiang, Fujian, Shandong, Guangdong and Hainan; the central region includes 6 provinces, namely, Shanxi, Anhui, Jiangxi, Henan, Hubei and Hunan; the western region includes 12 provinces (municipalities and autonomous regions), namely, Inner Mongolia, Guangxi, Chongqing, Sichuan, Guizhou, Yunnan, Tibet, Shaanxi, Gansu, Qinghai, Ningxia and Xinjiang; the northeastern region includes 3 provinces, namely, Liaoning, Jilin and Heilongjiang.

6. Explanation on 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. The growth rates are calculated on a comparable basis.