Real estate development investment in China totaled 6.77 trillion yuan in the first three quarters of 2025, marking a 13.9% year-on-year decline, according to data released by the National Bureau of Statistics (NBS).

The figures highlight ongoing weakness in the country's property sector, which has been struggling with declining demand and efforts to reduce excessive leverage among developers.

Investment in residential buildings, which make up the majority of real estate development, fell 12.9% to 5.2 trillion yuan over the same period.

Construction activity also showed significant declines:

• Total floor space under construction dropped 9.4% to 6.49 billion square meters, including a 9.7% decrease in residential construction to 4.52 billion square meters.

• New housing starts plunged 18.9% to 453.99 million square meters, with new residential starts falling 18.3% to 332.73 million square meters.

• Completed floor space declined 15.3%, totaling 311.29 million square meters, while completed residential space fell 17.1% to 222.28 million square meters.

The sustained downturn in real estate, traditionally a major driver of China's economic growth, underscores the challenges facing policymakers as they try to stabilize the sector.

Authorities have introduced a range of measures in recent months to support the housing market, including easing mortgage rules and offering targeted support for developers, but the latest data suggest that recovery remains elusive.

(Note: 1 U.S. dollar equals 7.2 Chinese Yuan)