The National Bureau of Statistics released the basic situation of the national real estate market in February: national real estate development investment was 961.2 billion yuan, down 11.1% year-over-year.

I. Real Estate Development Investment Completion Status

1–2 months, nationwide real estate development investment totaled 9.612 trillion yuan, down 11.1% year-on-year (calculated on a comparable basis; see Note 5). The decline narrowed by 6.1 percentage points compared to the previous year; of which, residential investment was 7.282 trillion yuan, down 10.7%, with a narrowing of 5.6 percentage points.

In January–February, the construction area of houses by real estate development enterprises was 5,353.72 million square meters, down 11.7% year-on-year. Among them, residential construction area was 3,713.47 million square meters, down 11.9%. Newly started house construction area was 50.84 million square meters, down 23.1%. Of which, residential new starts were 36.95 million square meters, down 23.3%. House completion area was 63.20 million square meters, down 27.9%. Among them, residential completed area was 46.25 million square meters, down 26.9%.

II. Sales and Inventory of Newly Built Commercial Housing

In January–February, the sales area of newly built commercial housing was 9.293 million square meters, down 13.5% year-on-year, with the decline expanding by 4.8 percentage points compared to the previous year; among which, residential sales area decreased by 15.9%. The sales amount of newly built commercial housing was 8.186 trillion yuan, down 20.2%, with the decline expanding by 7.6 percentage points; among which, residential sales amount decreased by 21.8%.

At the end of February, the inventory of commercial housing was 79.998 million square meters, up 0.1% year-on-year, with the growth rate slowing by 1.5 percentage points compared to the end of 2025. Among them, the area of inventory for less than 3 years was 60.616 million square meters, down 1.6%.

III. Funds Arrived at Real Estate Development Enterprises

In January–February, funds received by real estate development enterprises totaled 1.3047 trillion yuan, down 16.5% year-on-year. Among them, domestic loans were 257 billion yuan, down 13.9%; self-raised funds were 493.9 billion yuan, down 5.9%; deposits and prepayments were 358.9 billion yuan, down 21.5%; personal mortgage loans were 112.8 billion yuan, down 41.9%.

Table 12026: National real estate development and sales in January–February 2026

Click to download: Related Data Table

Table 2: Real estate development investment in eastern, central, western, and northeastern regions in January–February 2026

Table 3: Real estate sales in eastern, central, western, and northeastern regions in January–February 2026

Notes

1. Indicator explanations

• Real estate development enterprises’ investment completed this year: refers to the total investment during the reporting period for housing construction projects, land development projects, public buildings, and land purchase costs. This is cumulative data.

• Sales area of newly built commercial housing: refers to the total contracted area of newly sold commercial housing during the reporting period (the confirmed building area in the formal sales contract). This is cumulative data.

• Sales amount of newly built commercial housing: refers to the total contract price of newly sold commercial housing during the reporting period (the confirmed total price in the formal sales contract). This is cumulative data, consistent with the sales area.

• Inventory of commercial housing for sale: refers to the total building area of completed commercial housing available for sale or rent at the end of the reporting period, which has not yet been sold or rented. It includes completed housing from previous years and the current period, but excludes housing areas that are not sellable or rentable, such as demolished and rebuilt housing, collective construction, public facilities, company-owned and turnover housing.

• Funds received by real estate development enterprises this year: refers to the actual monetary funds used for real estate development during the reporting period, including domestic loans, foreign capital utilization, self-raised funds, deposits and prepayments, personal mortgage loans, and other funds. This is cumulative data.

• House construction area: refers to the total construction area of all houses under construction during the reporting period, including new starts, ongoing projects from previous periods, resumed projects after suspension, completed houses, and houses that were temporarily halted and resumed. For multi-story buildings, it is the sum of each floor’s area.

• Newly started house construction area: refers to the area of houses newly started during the reporting period, based on the official start date (the date when excavation or foundation work begins). It does not include ongoing projects from previous periods or resumed projects. The entire building’s construction area is counted as one, not divided.

• House completion area: refers to the total area of houses that have been fully completed according to design, meet occupancy and use conditions, passed inspection or reached completion standards, and are ready for handover.

2. Scope of statistics

• Real estate development enterprises engaged in development and operation activities.

3. Survey method

• Conducted monthly (except January) through comprehensive surveys.

4. Division of eastern, central, western, and northeastern regions

• Eastern region includes Beijing, Tianjin, Hebei, Shanghai, Jiangsu, Zhejiang, Fujian, Shandong, Guangdong, Hainan (10 provinces/cities); Central region includes Shanxi, Anhui, Jiangxi, Henan, Hubei, Hunan (6 provinces); Western region includes Inner Mongolia, Guangxi, Chongqing, Sichuan, Guizhou, Yunnan, Tibet, Shaanxi, Gansu, Qinghai, Ningxia, Xinjiang (12 provinces/municipalities/autonomous regions); Northeastern region includes Liaoning, Jilin, Heilongjiang (3 provinces).

5. Explanation of year-on-year growth rate

• Based on real estate development statistical regulations and enforcement checks, data for the same period last year, such as investment and sales area, are revised, and growth rates are calculated on a comparable basis.