地产月月览：2025年1-10月

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View - From the October data, the decline in real - estate sales area continued to widen, investment remained weak, and the new construction and construction areas continued to decline significantly. Attention should be paid to policy changes and the restoration of the market's internal driving force [1]. 3. Summary of Key Data Development Investment - The completed development investment amount was 735.63 billion yuan, with a cumulative year - on - year decrease of 14.7%. The growth rate in October was - 23.0%, in September was - 21.3%, from January to September was - 13.9%, and in 2024 was - 10.6% [1]. New Construction Area - The new construction area of houses was 49,0610,000 square meters, with a cumulative year - on - year decrease of 19.8%. The growth rate in October was - 29.5%, in September was - 14.4%, from January to September was - 18.9%, and in 2024 was - 23.0% [1]. Commercial Housing Sales Area - The sales area of commercial housing was 71,9820,000 square meters, with a cumulative year - on - year decrease of 6.8%. The growth rate in October was - 18.8%, in September was - 10.5%, from January to September was - 5.5%, and in 2024 was - 12.9% [1]. Construction Area - The construction area of houses was 6,529,390,000 square meters, with a cumulative year - on - year decrease of 9.4%. The growth rate in October was - 9.4%, and in September was - 12.7% [1]. Completion Area - The completion area of houses was 34,8610,000 square meters, with a cumulative year - on - year decrease of 16.9%. The growth rate in October was - 28.2%, in September was 1.5%, from January to September was - 15.3%, and in 2024 was - 27.7% [1].