深度调整，动态筑底 2025年房地产行业数据解读

Core Insights - The real estate industry in China is undergoing a deep adjustment, with significant declines in investment and sales metrics for 2025 [1][3][5] Group 1: Investment and Sales Data - Real estate development investment reached 82,788 billion yuan in 2025, a year-on-year decrease of 17.2% [1] - The sales area of new commercial housing was 88,101 million square meters, down 8.7% year-on-year, while the sales amount was 83,937 billion yuan, reflecting a 12.6% decline [1] - The total construction area for real estate enterprises was 659,890 million square meters, a decrease of 10.0% year-on-year, with residential construction down 10.3% [3] Group 2: Market Dynamics - The new housing starts area was 58,770 million square meters, down 20.4%, indicating a continued downward trend in new construction [3] - The completion area of houses was 60,348 million square meters, down 18.1%, with residential completions declining by 20.2% [3] - The market is still in a "de-inventory" phase, influenced by declining new home sales and reduced land transactions over the past two years [3] Group 3: Company Performance - In 2025, ten real estate companies achieved sales exceeding 100 billion yuan, with four surpassing 200 billion yuan, including major players like Poly Development and China Overseas Land [5] - The top ten companies by investment are primarily state-owned enterprises, with significant contributions from China Overseas, China Resources, and Poly Development, which together account for over 30% of total investment [5] - These leading companies are leveraging core city demand to maintain operational resilience, while many private firms are still seeking opportunities to rebuild their core value [5] Group 4: Market Trends and Future Outlook - December 2025 showed signs of improvement, with new housing sales area increasing by 39.87% month-on-month and sales amount rising by 44.07% [7] - The price of new residential properties in first-tier cities saw a slight decrease of 0.3%, indicating a narrowing decline compared to previous months [7] - The second-hand housing market is gaining traction, with an increasing proportion of transactions occurring in this segment, as buyers often turn to second-hand homes to meet their housing needs [8]