全国新房销售面积同比下降5.5%，销售额下降7.9%

Core Insights - The real estate market in China is experiencing significant declines in both sales area and sales revenue for the first nine months of 2025, with a year-on-year decrease of 5.5% in sales area and 7.9% in sales revenue, indicating a worsening trend compared to previous months [1][2][5] - The upcoming 20th Central Committee's Fourth Plenary Session is expected to provide guidance for the real estate sector's development over the next five years, particularly in the context of the "14th Five-Year Plan" [1][17] Demand - From January to September, the total sales area of new commercial housing reached 658 million square meters, down 5.5% year-on-year, with residential sales area declining by 5.6% [2] - The sales revenue for new commercial housing was 6.30 trillion yuan, a decrease of 7.9% year-on-year, with residential sales revenue falling by 7.6% [2] Supply - The total investment in real estate development for the first nine months was 6.77 trillion yuan, reflecting a year-on-year decline of 13.9%, which is an increase in the rate of decline compared to the previous month [5] - The construction area for new housing was 4.54 million square meters, down 18.9% year-on-year, although the decline rate has slightly narrowed [8] Funding Sources - The total funds available to real estate developers amounted to 7.23 trillion yuan, a decrease of 8.4% year-on-year, with domestic loans falling by 1.4% [12][14] - Self-raised funds decreased by 9.3% year-on-year, while pre-sale deposits also saw a decline of 10.3% [13] Policy Dynamics - Recent policy measures include the approval of pilot programs for market-oriented allocation of land resources and local governments implementing measures to stimulate housing demand, such as relaxing purchase restrictions and optimizing property tax policies [16] Outlook - The overall economic growth in China remains stable, with GDP growth of 5.2% year-on-year for the first three quarters, but there are signs of slowing consumption and investment growth [17] - The fourth quarter is expected to see the implementation of policies aimed at stabilizing market expectations and stimulating demand, including potential interest rate cuts and measures to activate the housing market [17][18]