Housing Starts in China decreased to 6613.94 Tens of Thousands Square Metre in February from 73892.84 Tens of Thousands Square Metre in December of 2024. This dataset includes a chart with historical data for China Housing Starts.

In 2024, the expanse of newly started real estate construction in China amounted to less than 739 million square meters. This was again a significant decline of more than 20 percent from the previous year, despite the initial expectation of recovery after the end of COVID-19 control measures. The construction boom The housing market reforms initiated in 1998 unleashed a two-decade-long golden era for China's real estate and construction sectors. With the dramatic rise in home prices and nationwide urban renewal projects, a significant number of residential properties, mainly consisting of high-rise complexes, were erected across China for sale to its growing middle-class population. By 2013, the annual expanse of newly started construction projects exceeded 2,000 million square meters. Despite a decline in the years that followed, with the government's stimulus policies, constructions reached an all-time high of 2,217.54 million square meters by 2019, before the start of the COVID-19 pandemic. Increased risks in the real estate sector The continuous expansion of the real estate industry has resulted in a substantial oversupply in the market. This is particularly noticeable in smaller cities and towns in the provinces. Many property developers, including giants such as Evergrande and Country Garden, found themselves in financial hardship owing to the large number of unsaleable or vacant homes they had built. This has resulted in more than one million unfinished homes across China, exposing homebuyers and their banks to significant financial risks. Moreover, due to the slowdown of China's economy, the outstanding mortgages accumulated over the last two decades will also become a long-term concern for the country's financial institutions and industries.

In 2024, the total floor space of newly started residential housing construction in China dropped below 550 million square meters. This marked the fifth consecutive year of decline since the figure peaked in 2019. Two decades of prosperity in China’s real estate sector China's housing market enjoyed more than two decades of prosperity since the country liberalized its real estate sector in the late 1990s. In tandem with China's urbanization and economic success, demand for better housing grew consistently, leading to significant price rises for real estate across all regions. As a result, the real estate and construction sectors have both become pillar industries of the country. Through the sale of land use permits to real estate enterprises, local governments also generated substantial non-tax income, allowing them to fund vital infrastructure development projects and investments. Is the real estate market in China unsustainable? In the last two decades, almost all major real estate companies in China achieved their market dominance by selling off-plan properties and reinvesting their revenues in further development projects. This model has gradually become unsustainable as the real estate industry slowed its pace of growth, leading to financial turmoil for companies, including giants such as Evergrande and Country Garden. Complicating matters, the large number of unfinished projects that have already been sold has pushed many homebuyers into bankruptcy.

China Real Estate Inv: Year to Date: Construction and Installation data was reported at 5,903,017.840 RMB mn in Dec 2024. This records an increase from the previous number of 5,415,933.340 RMB mn for Nov 2024. China Real Estate Inv: Year to Date: Construction and Installation data is updated monthly, averaging 1,601,834.360 RMB mn from Jan 2002 (Median) to Dec 2024, with 276 observations. The data reached an all-time high of 9,424,636.430 RMB mn in Dec 2021 and a record low of 27,436.000 RMB mn in Feb 2002. China Real Estate Inv: Year to Date: Construction and Installation data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under Global Database’s China – Table CN.RKA: Real Estate Investment: Monthly: Summary.

From January to February 2025, the cumulative expanse of newly started real estate construction in China amounted to around 66.14 million square meters. This was again a significant decline from the same period in the previous year. Annual total newly started real estate construction in China reached 739 million square meters in 2024.

China Building Sold: Year to Date: Residential: Existing House data was reported at 1,611,999.530 RMB mn in Nov 2024. This records an increase from the previous number of 1,461,475.770 RMB mn for Oct 2024. China Building Sold: Year to Date: Residential: Existing House data is updated monthly, averaging 453,119.000 RMB mn from Aug 2005 (Median) to Nov 2024, with 232 observations. The data reached an all-time high of 1,923,907.490 RMB mn in Dec 2016 and a record low of 34,464.000 RMB mn in Feb 2006. China Building Sold: Year to Date: Residential: Existing House data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Real Estate Sector – Table CN.RKB: Commodity Building Sold: Monthly.

China Floor Space Started: YoY: Year to Date: CB: Residential data was reported at -23.000 % in Dec 2024. This records an increase from the previous number of -23.100 % for Nov 2024. China Floor Space Started: YoY: Year to Date: CB: Residential data is updated monthly, averaging 9.000 % from Jan 2004 (Median) to Dec 2024, with 252 observations. The data reached an all-time high of 69.700 % in May 2010 and a record low of -44.400 % in Feb 2020. China Floor Space Started: YoY: Year to Date: CB: Residential data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Real Estate Sector – Table CN.RKC: Commodity Building: Floor Space Started: Monthly. Source annotated growth rate is calculated on a comparable basis since March 2023.

Over the five years through 2023, revenue for the Building Construction industry is expected to have been growing at an average annualized 4.4%, to $3.0 trillion. This includes an anticipated increase of 4.7% in 2023. There are approximately 36,700 construction firms in this industry. Most major players also have operations in civil engineering, real estate development, professional engineering services, plan designing, building materials manufacturing and construction equipment manufacturing. By operating across different sectors, firms can minimize their costs and maintain stable supply sources.Larger general contractors are relatively stable and less vulnerable to external influences due to their broad business scope and established relationships with real estate developers, local government and material supply sources.In 2023, the average profit level for the industry is estimated at 4.6% of industry revenue, although some large firms can earn a profit of 8.0% or more. The industry is generally profitable as the government controls many construction enterprises – particularly large-scale organizations – and provides them with preferable policies.The industry is highly influenced by China's real estate industry. Rapidly increasing housing prices in major cities have resulted in the State Council and first-tier cities issuing a series of measures to curb speculative housing demand and prevent excessive price growth. These policies caused declines in sales volume and average prices of commercial residential buildings and have discouraged real estate investment and new house starts. However, an rise in the number of government-mandated indemnificatory houses is lifting demand for building construction services and offsetting the slowed growth in the commercial residential buildings market. As a result, ACMR-IBISWorld projects that in the five years through 2028, industry revenue is forecast to continue growing at an average annualized 3.8%, to reach $3.6 trillion.

Graph and download economic data for Residential Property Prices for China (QCNN628BIS) from Q2 2005 to Q3 2024 about China, residential, HPI, housing, price index, indexes, and price.

Housing Index in China decreased by 4.80 percent in February from -5 percent in January of 2025. This dataset provides the latest reported value for - China Newly Built House Prices YoY Change - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Hong Kong SAR (China) Private Residential Property: Yearly: Units from disposed sites where construction may start anytime data was reported at 12,000.000 Unit in 2024. This records a decrease from the previous number of 18,000.000 Unit for 2023. Hong Kong SAR (China) Private Residential Property: Yearly: Units from disposed sites where construction may start anytime data is updated yearly, averaging 20,000.000 Unit from Dec 2012 (Median) to 2024, with 13 observations. The data reached an all-time high of 28,000.000 Unit in 2015 and a record low of 12,000.000 Unit in 2024. Hong Kong SAR (China) Private Residential Property: Yearly: Units from disposed sites where construction may start anytime data remains active status in CEIC and is reported by Housing Bureau. The data is categorized under Global Database’s Hong Kong SAR (China) – Table HK.EB036: Residential: Private: Construction.

The statistic shows the annual construction of commercial properties started by property developers in China between 2013 and 2023. In 2023, annual started construction of commercial properties in China amounted to around 64.93 million square meters.

In 2023, approximately 6.61 million new residential properties were built in China, representing a growth of less than 0.5 percent from the previous year. A pillar industry Since the 1998 housing reform, the number of new builds kept growing for more than a decade, before reaching a peak of 7.64 million in 2012. Since then, the annual number of new apartments remained generally stable, until the gradual decline in recent years. The Chinese economy is now highly dependent on the real estate industry, with the sector contributing almost 7.4 trillion yuan to the country’s gross domestic product (GDP) in 2022. Downward pressure   With the sector reaching a peak, and the mounting pressure over the unaffordable housing market in the country, the long-term healthy development of the Chinese economy is potentially at risk. Until 2021, China's personal housing loans had been growing at a double-digit rate every year, approaching 39 trillion yuan by 2022. High levels of indebtedness in the sector entail significant financial risks when the overall economic situation weakens, and property prices decline. The consequences are potentially damaging, both for major real estate enterprises such as Country Garden and for China's banking institutions.

Abstract

China Living Standards Survey (CLSS) consists of one household survey and one community (village) survey, conducted in Hebei and Liaoning Provinces (northern and northeast China) in July 1995 and July 1997 respectively. Five villages from each three sample counties of each province were selected (six were selected in Liaoyang County of Liaoning Province because of administrative area change). About 880 farm households were selected from total thirty-one sample villages for the household survey. The same thirty-one villages formed the samples of community survey. This document provides information on the content of different questionnaires, the survey design and implementation, data processing activities, and the different available data sets.

Geographic coverage

The China Living Standards Survey (CLSS) was conducted only in Hebei and Liaoning Provinces (northern and northeast China).

Kind of data

Sample survey data [ssd]

Sampling procedure

The CLSS sample is not a rigorous random sample drawn from a well-defined population. Instead it is only a rough approximation of the rural population in Hebei and Liaoning provinces in Northeastern China. The reason for this is that part of the motivation for the survey was to compare the current conditions with conditions that existed in Hebei and Liaoning in the 1930’s. Because of this, three counties in Hebei and three counties in Liaoning were selected as "primary sampling units" because data had been collected from those six counties by the Japanese occupation government in the 1930’s. Within each of these six counties (xian) five villages (cun) were selected, for an overall total of 30 villages (in fact, an administrative change in one village led to 31 villages being selected). In each county a "main village" was selected that was in fact a village that had been surveyed in the 1930s. Because of the interest in these villages 50 households were selected from each of these six villages (one for each of the six counties). In addition, four other villages were selected in each county. These other villages were not drawn randomly but were selected so as to "represent" variation within the county. Within each of these villages 20 households were selected for interviews. Thus the intended sample size was 780 households, 130 from each county.

Unlike county and village selection, the selection of households within each village was done according to standard sample selection procedures. In each village, a list of all households in the village was obtained from village leaders. An "interval" was calculated as the number of the households in the village divided by the number of households desired for the sample (50 for main villages and 20 for other villages). For the list of households, a random number was drawn between 1 and the interval number. This was used as a starting point. The interval was then added to this number to get a second number, then the interval was added to this second number to get a third number, and so on. The set of numbers produced were the numbers used to select the households, in terms of their order on the list.

In fact, the number of households in the sample is 785, as opposed to 780. Most of this difference is due to a village in which 24 households were interviewed, as opposed to the goal of 20 households

Mode of data collection

Face-to-face [f2f]

Research instrument

Household Questionnaire

The household questionnaire contains sections that collect data on household demographic structure, education, housing conditions, land, agricultural management, household non-agricultural business, household expenditures, gifts, remittances and other income sources, and saving and loans. For some sections (general household information, schooling, housing, gift-exchange, remittance, other income, and credit and savings) the individual designated by the household members as the household head provided responses. For some other sections (farm land, agricultural management, family-run non-farm business, and household consumption expenditure) a member identified as the most knowledgeable provided responses. Identification codes for respondents of different sections indicate who provided the information. In sections where the information collected pertains to individuals (employment), whenever possible, each member of the household was asked to respond for himself or herself, except that parents were allowed to respond for younger children. Therefore, in the case of the employment section it is possible that the information was not provided by the relevant person; variables in this section indicate when this is true.

The household questionnaire was completed in a one-time interview in the summer of 1995. The survey was designed so that more sensitive issues such as credit and savings were discussed near the end. The content of each section is briefly described below.

Section 0 SURVEY INFORMATION

This section mainly summarizes the results of the survey visits. The following information was entered into the computer: whether the survey and the data entry were completed, codes of supervisor’s brief comments on interviewer, data entry operator, and related revising suggestion (e.g., 1. good, 2. revise at office, and 3. re-interview needed). Information about the date of interview, the names of interviewer, supervisor, data enterer, and detail notes of interviewer and supervisor were not entered into the computer.

Section 1 GENERAL HOUSEHOLD INFORMATION

1A HOUSEHOLD STRUCTURE 1B INFORMATION ABOUT THE HOUSEHOLD MEMBERS’ PARENTS 1C INFORMATION ABOUT THE CHILDREN WHO ARE NOT LIVING IN HOME

Section 1A lists the personal id code, sex, relationship to the household head, ethnic group, type of resident permit (agricultural [nongye], non-agricultural [fei nongye], or no resident permit), date of birth, marital status of all people who spent the previous night in that household and for household members who are temporarily away from home. The household head is listed first and receives the personal id code 1. Household members were defined to include “all the people who normally live and eat their meals together in this dwelling.” Those who were absent more than nine of the last twelve months were excluded, except for the head of household. For individuals who are married and whose spouse resides in the household, the personal id number of the spouse is noted. By doing so, information on the spouse can be collected by appropriately merging information from the section 1A and other parts of the survey.

Section 1B collects information on the parents of all household members. For individuals whose parents reside in the household, parents’ personal id numbers are noted, and information can be obtained by appropriately merging information from other parts of the survey. For individuals whose parents do not reside in the household, information is recorded on whether each parent is alive, as well as their schooling and occupation.

Section 1C collects information for children of household members who are not living in home. Children who have died are not included. The information on the name, sex, types of resident permit, age, education level, education cost, reasons not living in home, current living place, and type of job of each such child is recorded.

Section 2 SCHOOLING

In Section 2, information about literacy and numeracy, school attendance, completion, and current enrollment for all household members of preschool age and older. The interpretation of pre-school age appears to have varied, with the result that while education information is available for some children of pre-school age, not all pre-school children were included in this section. But for ages 6 and above information is available for nearly all individuals, so in essence the data on schooling can be said to apply all persons 6 age and above. For those who were enrolled in school at the time of the survey, information was also collected on school attendance, expenses, and scholarships. If applicable, information on serving as an apprentice, technical or professional training was also collected.

Section 3 EMPLOYMENT

3A GENERAL INFORMATION 3B MAJOR NON-FARM JOB IN 1994 3C THE SECOND NON-FARM JOB IN 1994 3D OTHER EMPLOYMENT ACTIVITIES IN 1994 3E SEARCHING FOR NON-FARM JOB 3F PROCESS FOR GETTING MAJOR NON-FARM JOB 3G CORVEE LABOR

All individuals age thirteen and above were asked to respond to the employment activity questions in Section 3. Section 3A collects general information on farm and non-farm employment, such as whether or not the household member worked on household own farm in 1994, when was the last year the member worked on own farm if he/she did not work in 1994, work days and hours during busy season, occupation and sector codes of the major, second, and third non-farm jobs, work days and total income of these non-farm jobs. There is a variable which indicates whether or not the individual responded for himself or herself.

Sections 3B and 3C collect detailed information on the major and the second non-farm job. Information includes number of months worked and which month in 1994 the member worked on these jobs, average works days (or hours) per month (per day), total number of years worked for these jobs by the end of 1994, different components of income, type of employment contracts. Information on employer’s ownership type and location was also collected.

Section 3D collects information on average hours spent doing chores and housework at home every day during non-busy and busy season. The chores refer to cooking, laundry, cleaning, shopping, cutting woods, as well as small-scale farm yard animals raising, for example, pigs or chickens. Large-scale animal

China Floor Space under Construction: Year to Date: Residential data was reported at 5,761,342.598 sq m th in Dec 2017. This records an increase from the previous number of 5,650,714.124 sq m th for Nov 2017. China Floor Space under Construction: Year to Date: Residential data is updated monthly, averaging 1,826,637.992 sq m th from Jan 1999 (Median) to Dec 2017, with 228 observations. The data reached an all-time high of 5,936,416.162 sq m th in Dec 2014 and a record low of 154,847.500 sq m th in Feb 1999. China Floor Space under Construction: Year to Date: Residential data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under Global Database’s China – Table CN.RKD: Floor Space under Construction: Monthly. Monthly data update issues on Fixed Assets Investment: Starting from 2018, NBS only announced growth (%) and did not publish absolute values. Individual absolute figures were from press releases or press conferences. This series of data also the relevant dataset being affected, both the absolute value and the % have not been released. 关于固定资产投资的月度数据更新问题： 由2018年起，NBS只公布增长(%)，不公布绝对值，个别绝对值数据来自新闻稿或新闻发布会。 这一系列数据也是受影响的相关数据，绝对值和%均没有公布。

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Residential Real Estate Market Size 2024-2028

The residential real estate market size is forecast to increase by USD 482.1 billion at a CAGR of 4.6% between 2023 and 2028.

The market is experiencing significant growth, driven by increasing demand from a growing population and urbanization trends. This demand is further fueled by marketing initiatives from real estate developers and agents, who are leveraging digital platforms and creative campaigns to attract buyers. However, regulatory uncertainty poses a challenge to market growth, with varying regulations and policies in different regions impacting investment decisions. For companies seeking to capitalize on market opportunities, it is essential to stay informed of regulatory changes and adapt strategies accordingly. Additionally, collaboration with local experts and partnerships with regulatory bodies can help navigate complex regulatory landscapes and ensure compliance. Overall, the market presents significant opportunities for growth, but requires a strategic approach to address regulatory challenges and effectively target demand. Companies that can navigate these challenges and adapt to local market conditions will be well-positioned to succeed in this dynamic market.

What will be the Size of the Residential Real Estate Market during the forecast period?

Request Free SampleThe market continues to exhibit activity, driven by strong economic fundamentals and population growth. In nominal terms, the market size reached an all-time high in the latest fiscal year, with discerning buyers demonstrating continued interest in spacious accommodations. However, macroeconomic headwinds, such as rising interest rates and inflation, pose challenges for some potential homebuyers. Economic factors, including GDP per capita and purchasing power, remain essential support for the housing market. Despite these conditions, property launches in the luxury residential sector have shown resilience, catering to the demand for high-end living spaces. Residential construction remains a critical component of the market, with new housing units being added to meet the growing demand for homes. Overall, the market is expected to remain a significant contributor to the economy, offering opportunities for both investors and homebuyers.

How is this Residential Real Estate Industry segmented?

The residential real estate industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments. Mode Of BookingSalesRental/LeaseTypeApartments and condominiumsLanded houses and villasGeographyAPACChinaJapanNorth AmericaUSEuropeGermanyUKSouth AmericaMiddle East and Africa

By Mode Of Booking Insights

The sales segment is estimated to witness significant growth during the forecast period.

Get a glance at the market report of share of various segments Request Free Sample

The Sales segment was valued at USD 896.60 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 54% to the growth of the global market during the forecast period.Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

For more insights on the market size of various regions, Request Free Sample

The market in the Asia Pacific (APAC) region held the largest market share in 2023 and is anticipated to continue leading the market growth during the forecast period. Key drivers of this expansion include population growth and increasing purchasing power, leading to a in demand for spacious accommodations. Rapid urbanization and economic fundamentals, such as GDP per capita, have fueled the construction of new housing units, particularly in countries like India and China. Furthermore, domestic demand and foreign homebuyers have contributed to the unsold inventory overhang, creating investment opportunities in underconstruction properties. Despite these positive indicators, challenges persist, including affordability concerns and critical input costs. In the context of the US housing market, the residential real estate sector offers investment opportunities through traditional options, such as home ownership and rental cash flow, as well as low-risk methods, like investment portfolios. Key economic factors, such as interest rates and supply metrics, impact residential property prices, which may vary in real and nominal terms. The market is also influenced by changing consumer preferences, regulatory reforms, and technological transformation, including home automation and cutting-edge strategies.

Market Dynamics

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holi

Key information about China Gold Production

• China Real Residential Property Price Index was reported at 93.823 2010=100 in Sep 2024.
• This records a decrease from the previous number of 96.851 2010=100 for Jun 2024.
• China Real Residential Property Price Index data is updated quarterly, averaging 99.037 2010=100 from Jun 2005 to Sep 2024, with 78 observations.
• The data reached an all-time high of 112.991 2010=100 in Sep 2021 and a record low of 87.950 2010=100 in Jun 2005.
• China Real Residential Property Price Index data remains active status in CEIC and is reported by Bank for International Settlements.
• The data is categorized under World Trend Plus’s Association: Property Sector – Table RK.BIS.RPPI: Selected Real Residential Property Price Index: 2010=100: Quarterly. [COVID-19-IMPACT]

In 2023, the average construction cost in Shanghai amounted to 6,930 yuan per square meter which was the highest in the country. The average cost in China was 4,150 yuan per square meter.

China Industrial Inventory: Finished Product: % Change: Household Electric Fan data was reported at 18.500 % in Dec 2015. This records an increase from the previous number of -16.500 % for Sep 2015. China Industrial Inventory: Finished Product: % Change: Household Electric Fan data is updated quarterly, averaging 7.950 % from Mar 2000 (Median) to Dec 2015, with 64 observations. The data reached an all-time high of 155.800 % in Dec 2011 and a record low of -377.000 % in Sep 2004. China Industrial Inventory: Finished Product: % Change: Household Electric Fan data remains active status in CEIC and is reported by National Bureau of Statistics. The data is categorized under China Premium Database’s Industrial Sector – Table CN.BC: Inventory: Finished Product: Change over the Beginning of the Year: by Product .

In 2023, the size of the smart home market in China amounted to over 715 billion yuan. With the development of 5G infrastructure and a high penetration rate of mobile phones, many Chinese electronics and home appliance manufacturers have developed smart home systems. Notable companies include Haier, Xiaomi, and Huawei. Digitalizing live The first tier of consumer products that had undergone digitalization were appliances. With a revenue of almost 17 million U.S. dollars, smart appliances accounted for around half of the annual smart home industry turnover. The segment included kitchen appliances, small household appliances, as well as vacuum robots. In contrast, the energy management segment only generated a revenue of 1.7 million U.S. dollars. Beyond consumer electronics Smart technology has the potential to do much more than connect consumer electronics. For instance, smart heating systems and smart electricity meters could optimize energy consumption. By avoiding consumption peaks, a smart electrical meter can start household appliances when electricity is in low demand. Similarly, smart heating systems reduce heating when nobody is home or during the night. These are just two examples of how smart technology can not only help preserve precious resources but also contribute to reducing the utility costs of households.