Investment in Real Estate Development from January to August 2026

2026-09-16 10:00 Print| Large| Medium| Small

I. The Completion of Investment in Real Estate Development

From January to August, the investment in real estate development was 4,797.9 billion yuan, a year-on-year decrease of 19.9% (calculated on a comparable basis; see Annotation 5 for details), of which the investment in residential buildings was 3,701.7 billion yuan, down 19.7%.

From January to August, the floor space of buildings under construction by real estate development enterprises was 5,607.70 million square meters, a year-on-year decrease of 12.8%. Specifically, the floor space of residential buildings under construction was 3,893.47 million square meters, down 13.2%. The floor space of buildings newly started was 298.94 million square meters, down 24.8%. Specifically, the floor space of residential buildings newly started was 218.40 million square meters, down 25.4%. The floor space of buildings completed was 210.97 million square meters, down 23.7%. Specifically, the floor space of residential buildings completed was 147.98 million square meters, down 25.4%.

II. Sales and Inventory of Newly Built Commercial Buildings

From January to August, the floor space of newly built commercial buildings sold was 498.80 million square meters, a year-on-year decrease of 12.1%, of which the floor space of residential buildings sold decreased by 13.0%. The sales of newly built commercial buildings were 4,747.0 billion yuan, down 13.0%, of which the sales of residential buildings decreased by 13.1%. According to data from the Ministry of Housing and Urban-Rural Development, from January to August, the floor space of second-hand housing online transactions (see Annotation 6) was 549.23 million square meters, a year-on-year increase of 10.6%.

At the end of August, the floor space of newly built commercial buildings for sale was 753.49 million square meters, down 1.1% year on year. Specifically, the floor space for sale held for less than three years was 548.19 million square meters, down 4.2%.

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

From January to August, the funds for investment this year for real estate development enterprises were 5,089.3 billion yuan, a year-on-year decrease of 21.0%. Among them, domestic loans were 688.0 billion yuan, down 33.3%; self-raised funds were 1,843.2 billion yuan, down 20.0%; deposits and advance receipts were 1,603.7 billion yuan, down 14.8%; individual mortgage loans were 684.6 billion yuan, down 22.4%.

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

Indicator	Absolute Value	Growth Rate Y/Y (%)
Investment in real estate development (100 million yuan)	47979	-19.9
Of which: Residential buildings	37017	-19.7
Office buildings	1774	-22.0
Buildings for commercial business	3136	-25.5
Floor space of buildings under construction (10,000 sq.m)	560770	-12.8
Of which: Residential buildings	389347	-13.2
Office buildings	24277	-11.6
Buildings for commercial business	48732	-12.7
Floor space of buildings newly started (10,000 sq.m)	29894	-24.8
Of which: Residential buildings	21840	-25.4
Office buildings	571	-42.4
Buildings for commercial business	1943	-24.7
Floor space of buildings completed (10,000 sq.m)	21097	-23.7
Of which: Residential buildings	14798	-25.4
Office buildings	703	-24.6
Buildings for commercial business	1383	-30.8
Floor space of newly built commercial buildings sold (10,000 sq.m)	49880	-12.1
Of which: Residential buildings	41503	-13.0
Office buildings	1307	-6.2
Buildings for commercial business	2810	-14.3
Floor space of second-hand housing online transactions (10,000 sq.m)	54923	10.6
Sales of newly built commercial buildings (100 million yuan)	47470	-13.0
Of which: Residential buildings	41776	-13.1
Office buildings	1605	-9.1
Buildings for commercial business	2473	-19.1
Floor space of commercial buildings for sale (10,000 sq.m)	75349	-1.1
Of which: Residential buildings	40083	-0.5
Office buildings	5187	1.0
Buildings for commercial business	13499	-5.0
Funds for investment this year for real estate development enterprises (100 million yuan)	50893	-21.0
Of which: Domestic loans	6880	-33.3
Foreign investment	4	-77.0
Self-raised funds	18432	-20.0
Deposits and advance receipts	16037	-14.8
Individual mortgage loans	6846	-22.4

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

Region	Investment		Growth Rate Y/Y
Region	(100 million yuan)	Residential Buildings	(%)	Residential Buildings
National Total	47979	37017	-19.9	-19.7
Eastern	28288	21065	-20.5	-21.2
Central	9352	7767	-20.8	-18.7
Western	9451	7484	-16.3	-15.5
Northeastern	889	701	-29.6	-29.9

Note: Due to rounding, the national total may not equal the total of regional figures.

Table 3 Sales of Commercial Buildings in Eastern, Central, Western and Northeastern Regions from January to August 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	49880	-12.1	47470	-13.0
Eastern	22376	-11.6	28814	-12.6
Central	13202	-12.2	8778	-12.7
Western	12659	-11.8	8750	-13.3
Northeastern	1643	-20.6	1128	-22.4

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 floor space under construction 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.

6. The floor space of second-hand housing online transactions refers to the total floor space specified in contracts of second-hand housing online transactions in urban areas during the reporting period, and is sourced from the Ministry of Housing and Urban-Rural Development.