Investment in Real Estate Development from January to February 2026

2026-03-17 09:30 Print| Large| Medium| Small

I. The Completion of Investment in Real Estate Development

From January to February 2026, the investment in real estate development was 961.2 billion yuan, a year-on-year decrease of 11.1% (calculated on a comparable basis, see Annotation 5 for details), and the decline narrowed by 6.1 percentage points compared with that of 2025; of which the investment in residential buildings was 728.2 billion yuan, down 10.7%, and the decline narrowed by 5.6 percentage points.

From January to February, the floor space of buildings under construction by real estate development enterprises was 5,353.72 million square meters, a year-on-year decrease of 11.7%. Specifically, the floor space of residential buildings under construction was 3,713.47 million square meters, down 11.9%. The floor space of buildings newly started was 50.84 million square meters, down 23.1%. Specifically, the floor space of residential buildings newly started was 36.95 million square meters, down 23.3%. The floor space of buildings completed was 63.20 million square meters, down 27.9%. Specifically, the floor space of residential buildings completed was 46.25 million square meters, down 26.9%.

II. Sales of Newly Built Commercial Buildings

From January to February, the floor space of newly built commercial buildings sold was 92.93 million square meters, a year-on-year decrease of 13.5%, and the decline expanded by 4.8 percentage points compared with that of 2025; of which the floor space of residential buildings sold decreased by 15.9%. The sales of newly built commercial buildings were 818.6 billion yuan, down 20.2%, and the decline expanded by 7.6 percentage points; of which the sales of residential buildings decreased by 21.8%.

At the end of February, the floor space of commercial buildings for sale was 799.98 million square meters, up 0.1% year on year, and the increase was 1.5 percentage points lower than that at the end of 2025. Specifically, the floor space for sale held for less than three years was 606.16 million square meters, down 1.6%.

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

From January to February, the funds for investment this year for real estate development enterprises were 1,304.7 billion yuan, a year-on-year decrease of 16.5%. Among them, domestic loans were 257.0 billion yuan, down 13.9%; self-raised funds were 493.9 billion yuan, down 5.9%; deposits and advance receipts were 358.9 billion yuan, down 21.5%; individual mortgage loans were 112.8 billion yuan, down 41.9%.

Real Estate Development and Sales from January to February 2026

Indicator	Absolute Value	Growth Rate Y/Y (%)
Investment in real estate development (100 million yuan)	9612	-11.1
Of which: Residential buildings	7282	-10.7
Office buildings	407	-17.3
Buildings for commercial business	640	-18.2
Floor space of buildings under construction (10,000 sq.m)	535372	-11.7
Of which: Residential buildings	371347	-11.9
Office buildings	23971	-9.4
Buildings for commercial business	47006	-12.3
Floor space of buildings newly started (10,000 sq.m)	5084	-23.1
Of which: Residential buildings	3695	-23.3
Office buildings	168	-22.7
Buildings for commercial business	292	-29.0
Floor space of buildings completed (10,000 sq.m)	6320	-27.9
Of which: Residential buildings	4625	-26.9
Office buildings	133	-52.4
Buildings for commercial business	399	-37.4
Floor space of newly built commercial buildings sold (10,000 sq.m)	9293	-13.5
Of which: Residential buildings	7736	-15.9
Office buildings	237	25.3
Buildings for commercial business	542	-7.4
Sales of newly built commercial buildings (100 million yuan)	8186	-20.2
Of which: Residential buildings	7163	-21.8
Office buildings	257	3.9
Buildings for commercial business	466	-15.4
Floor space of commercial buildings for sale (10,000 sq.m)	79998	0.1
Of which: Residential buildings	43752	1.3
Office buildings	5321	1.5
Buildings for commercial business	13760	-5.3
Funds for investment this year for real estate development enterprises (100 million yuan)	13047	-16.5
Of which: Domestic loans	2570	-13.9
Foreign investment	3	5.6 times
Self-raised funds	4939	-5.9
Deposits and advance receipts	3589	-21.5
Individual mortgage loans	1128	-41.9

Real Estate Investment in Eastern, Central, Western and Northeastern Regions from January to February 2026

Region	Investment		Growth Y/Y
Region	(100 million yuan)	Residential Buildings	(%)	Residential Buildings
National Total	9612	7282	-11.1	-10.7
Eastern	6222	4567	-11.4	-11.2
Central	1703	1394	-11.5	-10.3
Western	1620	1273	-8.6	-7.8
Northeastern	67	49	-30.1	-34.2
Note: Due to rounding, the national total may not equal the sum of regional subtotals.

Sales of Commercial Buildings in Eastern, Central, Western and Northeastern Regions from January to February 2026

Region	Floor Space of Newly Built Commercial Buildings Sold		Sales of Newly Built Commercial Buildings
	Absolute Value	Growth Rate Y/Y	Absolute Value	Growth Rate Y/Y
	(10,000 sq.m)	(%)	(100 million yuan)	(%)
National Total	9293	-13.5	8186	-20.2
Eastern	3952	-12.8	4678	-22.5
Central	2540	-9.1	1656	-12.2
Western	2560	-17.8	1698	-20.5
Northeastern	242	-18.6	154	-23.0
Note: Due to rounding, the national total may not equal the sum of regional subtotals.

Annotations:

1. Notes on indicators

The investment completed by real estate development enterprises this year refers to all investments completed during the reporting period for housing, land development projects, public welfare construction, land acquisition, etc. The indicator is cumulative.

Floor space of newly built commercial buildings sold refers to the total area sold of newly built commercial buildings in the contract during the reporting period (i.e., the floor space as specified in the formal contract signed by both sides). The indicator is cumulative.

Sales of newly built commercial buildings refer to the total contract value of new commercial buildings sold during the reporting period (i.e., the total contract value of sales of commercial buildings as specified in the formal contract signed by both sides). This indicator is cumulative and is on the same comparable basis as 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 floor area 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 buildings demolished for rebuilding, unified and agency construction, public supporting buildings, buildings for self-use by real estate enterprises and relocation houses that have been completed during the reporting period.

Funds for investment this year for real estate development enterprises refer to monetary funds utilized for real estate development by the real estate development enterprises during the reporting period. Specifically, the funds include domestic loans, foreign investment, self-raised funds, deposits and advance receipts, individual mortgage loans, and other funds. The indicator is cumulative.

Floor space of buildings under construction refers to the total floor space of all buildings under construction by real estate development enterprises during the reporting period, including floor space newly started in the current period, floor space of continued construction of buildings from the previous period, floor space of buildings whose construction was suspended or postponed in the previous period and resumed in the current period, floor space completed during the current period, and newly started floor space in the current period but suspended or postponed. For multi-story buildings, the floor space under construction refers to the sum of the floor space of all stories.

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 each individual project as the accounting unit. It excludes the continued construction area of buildings that started in the previous period and the resumed construction area in the current period that was suspended 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 were completed during the reporting period in accordance with design requirements, met the conditions for occupancy and use, passed the acceptance inspection, or reached the standards for completion acceptance, and can be officially delivered for use.

2. Statistical Coverage

Legal entities in the real estate development and operation sector with development and business activities.

3. Survey Method

Statistics are collected through a comprehensive monthly survey (with reporting exempted for January).

4. 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, Xizang, Shaanxi, Gansu, Qinghai, Ningxia, and Xinjiang; the northeastern region includes 3 provinces, namely, Liaoning, Jilin, and Heilongjiang.

5. Explanation of Year-on-Year Growth Rate

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