Investment in Real Estate Development from January to March 2026

I. The Completion of Investment in Real Estate Development

From January to March 2026, the investment in real estate development was 1,772.0 billion yuan, a year-on-year decrease of 11.2% (calculated on a comparable basis, see Annotation 5 for details), and the declineexpanded by 0.1 percentage points compared with that from January to February; of which the investment in residential buildings was 1,353.1 billion yuan, down 11.0%, and the decline expanded by 0.3 percentage points.

From January to March, the floor space of buildings under construction by real estate development enterprises was 5,417.37 million square meters, a year-on-year decrease of 11.7%. Specifically, the floor space of residential buildings under construction was 3,754.65 million square meters, down 12.1%. The floor space of buildings newly started was 103.73 million square meters, down 20.3%. Specifically, the floor space of residential buildings newly started was 74.20 million square meters, down 22.0%. The floor space of buildings completed was 97.89 million square meters, down 25.0%. Specifically, the floor space of residential buildings completed was 69.83 million square meters, down 26.5%.

II. Sales of Newly Built Commercial Buildings

From January to March, the floor space of newly built commercial buildings sold was 195.25 million square meters, a year-on-year decrease of 10.4%, and the decline narrowed by 3.1 percentage points compared with that from January to February; of which the floor space of residential buildings sold decreased by 13.1%. The sales of newly built commercial buildings were 1,726.2 billion yuan, down 16.7%, and the decline narrowed by 3.5 percentage points; of which the sales of residential buildings decreased by 18.5%.

At the end of March, the floor space of commercial buildings for sale was 786.01 million square meters, down 0.1% year on year. Specifically, the floor space for sale held for less than three years was 590.12 million square meters, down 1.8%.

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

From January to March, the funds for investment this year for real estate development enterprises were 2,052.4 billion yuan, a year-on-year decrease of 17.3%. Among them, 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%; individual mortgage loans were 220.4 billion yuan, down 34.6%.

Table 1 Real Estate Development and Sales from January to March 2026

Table 2 Real Estate Investment in Eastern, Central, Western and Northeastern Regions from January to March 2026

Table 3 Sales of Commercial Buildings in Eastern, Central, Western and Northeastern Regions from January to March 2026

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 area of housing 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 are completed during the reporting period in accordance with design requirements, meet the conditions for occupancy and use, pass the acceptance inspection, or reach 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, among others, for the same period of the previous year have been revised. The growth rates are calculated on a comparable basis.