China

2025年新房销售8.4万亿元，库存增速骤降、销售降幅收窄

Beijing News | Local Language | News | Jan. 21, 2026 | UndeterminedReal Estate

In 2025, China's national real estate development investment totaled 8.28 trillion yuan, a 17.2% decrease from the previous year. Newly built commercial housing sales area and sales amount also declined by 8.7% and 12.6% year-on-year, respectively. However, these declines were narrower than those in 2024, signaling a market movement toward balance. The growth rate of commercial housing inventory slowed significantly, with the area for sale increasing only 1.6%, compared to double-digit increases in prior years, indicating effective destocking efforts by both the government and developers.

Investment in residential real estate specifically fell 16.3% in 2025, while new housing starts dropped sharply by 20.4%. Developers showed increased caution, focusing investments on higher-tier cities with strong fundamentals and population inflows, moving away from broad nationwide expansion. Declines in housing construction, new starts, and completions all reached double digits, reflecting a contraction in industry scale driven by policies controlling new supply and revitalizing existing stock.

Available funds for real estate firms decreased by 13.4%, affecting investment capacity. Developers responded to market pressures by adopting price cuts and promotions, which contributed to a slower decline in sales area compared to sales amount. The decline in commercial housing sales area fell to single digits, and slower inventory growth, combined with shrinking new supply, indicates the market is stabilizing under deep adjustment.

Looking ahead to 2026, the market is expected to prioritize absorbing unsold stock projects while benefiting from improved conditions in second-hand housing markets in key cities. Price declines in first-tier cities have narrowed, and transactions for second-hand homes have increased, signaling growing demand from first-time buyers and urban residents. Policy efforts in 2026 will focus on stabilizing market expectations, activating demand, and optimizing supply, although overall market repair will take time due to limited new project supply and ongoing destocking pressures.

China Daily | English | News | Jan. 21, 2026 | UndeterminedReal Estate

China's property market showed significant recovery progress in 2025, with a clearer transition path toward stabilization. Wu Jing, head of the center for real estate at Tsinghua University, emphasized that completing the recovery and clarifying sector transformation are critical to market stability. Basic housing demand and improvement-related demand remain strong in some cities, supported by enhanced policies introduced in 2025 that create a more supportive environment for stabilization in 2026.

During 2025, the market experienced fluctuations but moved toward stabilization, marked by positive signals such as combined new and existing home sales showing stabilization trends and year-on-year growth in some major cities. Market differentiation widened across regions, influenced by economic drivers, supply pressures, and targeted local policies affecting prices, transactions, and land activity. Supply-side control measures, including reduced real estate development investment and new construction starts, were effective in promoting stability and are expected to continue in 2026. Destocking efforts also produced results, with unsold commercial housing declining by around 3 million square meters by November.

Long-term transformation efforts advanced in 2025, with improved delivery of pre-sold homes aiding risk resolution and supporting overall social and economic stability. Debt restructuring among some developers made positive progress, contributing to market recovery. New development models are emerging, focusing on the role of housing as a livelihood necessity. The concept of "good homes" has become a growth focus, and urban renewal initiatives are expected to create new opportunities for real estate and construction industries.

China Daily | English | News | Jan. 21, 2026 | UndeterminedTrade Issues and Numbers

Guangdong, China's largest trading province, achieved a record high total trade volume of 9.49 trillion yuan ($304.29 billion) in 2025, reflecting a 4.4 percent year-on-year increase. Exports grew by 2.5 percent to 6.03 trillion yuan, while imports rose more sharply by 7.8 percent to 3.46 trillion yuan. The province experienced steady quarterly trade growth, with rates of 4.1 percent, 3.8 percent, 3.5 percent, and 6.1 percent from the first to the fourth quarter respectively, demonstrating strong trade resilience.

Guangdong accounted for 20.9 percent of China's total foreign trade in 2025, slightly higher than in 2024, and contributed 24.1 percent to the country's overall trade growth. It remained China’s top trading region for the 40th consecutive year. The province’s trade with its three largest partners—the Association of Southeast Asian Nations (ASEAN), Hong Kong Special Administrative Region, and the European Union—each surpassed 1 trillion yuan, with trade with ASEAN reaching 1.53 trillion yuan, up 5.8 percent.

Trade with emerging markets showed even stronger growth, with a 23.6 percent increase in trade with five Central Asian countries, 10.7 percent growth with Africa, and 8.5 percent growth with the Middle East. These gains outpaced Guangdong’s overall trade growth rate, highlighting expanding trade ties in these regions.