January-February nationwide real estate development investment decreased by 11.1% year-on-year

Real Estate Market Developments Across China in January—February 2026

I. Completed Real Estate Development Investment

In January—February, national real estate development investment totaled 9,612 billion yuan, down 11.1% year over year (calculated on a comparable basis; see Note 5 for details). The contraction narrowed by 6.1 percentage points compared with the full-year of the previous year. Of this, residential investment was 7,282 billion yuan, down 10.7%; the contraction narrowed by 5.6 percentage points.

In January—February, the floor area of housing under construction by real estate development enterprises was 535,372 million square meters, down 11.7% year over year. Of this, residential floor area under construction was 371,347 million square meters, down 11.9%. The floor area of new housing starts was 50.84 million square meters, down 23.1%. Of this, residential housing starts were 36.95 million square meters, down 23.3%. The floor area of completed housing was 63.20 million square meters, down 27.9%. Of this, residential completed floor area was 46.25 million square meters, down 26.9%.

II. Sales and Unsold Inventory of Newly Built Commercial Housing

In January—February, the sales area of newly built commercial housing was 92.93 million square meters, down 13.5% year over year, with the contraction widening by 4.8 percentage points compared with the full year of the previous year; of which residential sales area was down 15.9%. The sales value of newly built commercial housing was 8,186 billion yuan, down 20.2%, with the contraction widening by 7.6 percentage points; of which residential sales value was down 21.8%.

At the end of February, the unsold area of commercial housing was 79,998 million square meters, up 0.1%, with the growth rate falling back by 1.5 percentage points from the end of 2025. Of this, the area held for less than 3 years was 60,616 million square meters, down 1.6%.

III. Sources of Funds Received by Real Estate Development Enterprises

In January—February, funds received by real estate development enterprises totaled 13,047 billion yuan, down 16.5% year over year. Of this, domestic loans were 2,570 billion yuan, down 13.9%; self-raised funds were 4,939 billion yuan, down 5.9%; deposits and advance payments were 3,589 billion yuan, down 21.5%; and personal mortgage loans were 1,128 billion yuan, down 41.9%.

(Edited by: Wenjing)

Keywords:

                                                            Real estate development investment