China Real Estate Investment Falls 19.9% in First Eight Months of 2026

Data released by the National Bureau of Statistics show that in January-August 2026, national real estate development investment totaled RMB 47,979 billion, down 19.9% year on year on a comparable basis. Residential investment accounted for RMB 37,017 billion, down 19.7%. Over the same period, funds available to real estate development enterprises reached RMB 50,893 billion, down 21.0%. Within that total, domestic loans were RMB 6,880 billion, down 33.3%; self-raised funds were RMB 18,432 billion, down 20.0%; deposits and advance receipts were RMB 16,037 billion, down 14.8%; and individual mortgage loans were RMB 6,846 billion, down 22.4%.

In January-August 2026, floor space under construction by real estate development enterprises was 5,607.70 million square meters, down 12.8% year on year, of which residential floor space under construction was 3,893.47 million square meters, down 13.2%. Floor space newly started was 298.94 million square meters, down 24.8%, of which residential new starts were 218.40 million square meters, down 25.4%. Floor space completed was 210.97 million square meters, down 23.7%, of which residential completions were 147.98 million square meters, down 25.4%.

In January-August 2026, sales area of newly built commercial housing was 498.80 million square meters, down 12.1% year on year, with residential sales area down 13.0%. Sales value of newly built commercial housing was RMB 47,470 billion, down 13.0%, with residential sales value down 13.1%. According to data from the Ministry of Housing and Urban-Rural Development, the online-signed area of second-hand housing transactions over the same period was 549.23 million square meters, up 10.6% year on year. At the end of August, unsold floor space of newly built commercial housing was 753.49 million square meters, down 1.1% year on year, of which 548.19 million square meters had been unsold for less than three years, down 4.2%.