Real Estate Market Overview - China's new commercial housing sales area from January to September decreased by 5.5% year-on-year to 658.35 million square meters [1] - The decline in sales area widened by 0.8 percentage points compared to January-August [1] - New commercial housing sales amounted to 6.304 trillion yuan, a 7.9% year-on-year decrease [1] - The decline in sales amount widened by 0.6 percentage points compared to January-August [1] Investment and Funding - National real estate development investment totaled 6.7706 trillion yuan, a 13.9% year-on-year decrease [1] - The decline in investment widened by 1 percentage point compared to January-August [1] - Real estate development enterprises' funds到位资金 reached 7.2299 trillion yuan, an 8.4% year-on-year decrease [1] - The decline in funds widened by 0.4 percentage points compared to January-August [1] Market Sentiment - The real estate development climate index stood at 92.78 [1]

(责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇10月20日｜国家统计局数据显示，1—9月份，全国房地产开发投资67706亿元，同比下降 13.9%；其中，住宅投资52046亿元，下降12.9%。1—9月份，房地产开发企业房屋施工面积648580万平 方米，同比下降9.4%。其中，住宅施工面积452165万平方米，下降9.7%。房屋新开工面积45399万平方 米，下降18.9%。其中，住宅新开工面积33273万平方米，下降18.3%。房屋竣工面积31129万平方米， 下降15.3%。其中，住宅竣工面积22228万平方米，下降17.1%。 ...

Real Estate Development Investment Completion - From January to September, the total real estate development investment reached 67,706 billion yuan, a year-on-year decrease of 13.9% (on a comparable basis) [1] - Residential investment amounted to 52,046 billion yuan, down 12.9% [1] - The total construction area for real estate development enterprises was 648,580 million square meters, a decline of 9.4% year-on-year [1] - The new construction area was 45,399 million square meters, down 18.9%, with residential new construction area at 33,273 million square meters, a decrease of 18.3% [1] - The completed area was 31,129 million square meters, down 15.3%, with residential completed area at 22,228 million square meters, a decline of 17.1% [1] New Commodity Housing Sales and Inventory Situation - From January to September, the sales area of new commodity housing was 65,835 million square meters, a year-on-year decrease of 5.5%, with residential sales area down 5.6% [2] - The sales amount of new commodity housing was 63,040 billion yuan, a decline of 7.9%, with residential sales amount down 7.6% [2] - As of the end of September, the inventory of commodity housing was 75,928 million square meters, a decrease of 241 million square meters compared to the end of August, with residential inventory down 292 million square meters [2] Real Estate Development Enterprises' Fund Availability - From January to September, the funds available to real estate development enterprises totaled 72,299 billion yuan, a year-on-year decrease of 8.4% [3] - Domestic loans amounted to 11,294 billion yuan, down 1.4% [3] - Foreign investment was 18 million yuan, a decline of 37.3% [3] - Self-raised funds reached 26,111 billion yuan, down 9.3% [3] - Deposits and advance payments totaled 21,138 billion yuan, a decrease of 10.3% [3] - Personal mortgage loans were 9,884 billion yuan, down 10.6% [3] Real Estate Development Prosperity Index - In September, the real estate development prosperity index (National Real Estate Prosperity Index) was recorded at 92.78 [4]

Core Insights - National Bureau of Statistics data indicates that from January to September, total real estate development investment reached 67,706 billion yuan, representing a year-on-year decline of 13.9% [1] - Residential investment amounted to 52,046 billion yuan, showing a decrease of 12.9% year-on-year [1]

Group 1 - The core viewpoint indicates a significant decline in the real estate sector, with construction area and new housing starts experiencing notable decreases in 2023 [1] Group 2 - From January to September, the total construction area for real estate development was 648,580 million square meters, a year-on-year decrease of 9.4% [1] - The residential construction area was 452,165 million square meters, down 9.7% compared to the previous year [1] - The new housing starts amounted to 45,399 million square meters, reflecting an 18.9% decline [1] Group 3 - The sales area of newly built commercial housing reached 65,835 million square meters, which is a 5.5% decrease year-on-year [1] - The residential sales area also saw a decline of 5.6% [1] - The total sales revenue for newly built commercial housing was 63,040 billion yuan, down 7.9%, with residential sales revenue decreasing by 7.6% [1]

Investment Chain - Prices of copper, aluminum, zinc, lead, gold, and silver have risen since September 2025. Fixed asset investment growth rate has decreased to 0.50%, with real estate development investment declining by 12.90% and manufacturing fixed asset investment growth at 5.10% [1] - Infrastructure investment growth rate has also decreased to 5.42%. Prices of tin and nickel have fallen, while the price of thermal coal has slightly increased to 676 RMB per ton [1] Consumption Chain - In August 2025, automobile sales growth rate increased to 16.44%, while home appliance retail sales growth rate decreased to 19.90%. The nominal growth rate of social consumption fell to 3.40% [2] - The cumulative nominal growth rate has decreased by 4.60%, and the sales area of commercial housing has seen a decline of 5.44% [2] Export Chain - In August 2025, export growth rate to the US decreased, while it increased for the EU, Japan, and ASEAN. The overall export growth rate rose to 25.52% [3] - Exports of furniture, refined oil, coke, ships, plastics, and auto parts have seen an increase, while agricultural products, toys, lighting, coal, steel, and aluminum exports have decreased [3] Price Chain - Oil prices have risen to 63.41 USD per barrel as of September 23, 2025. Prices for PVC have increased to 4695 RMB per ton, while prices for MDI have decreased [4] - Pork prices have dropped to 13.71 RMB per kilogram, and the price of domestic urea has also decreased compared to July 2025 [4]

Group 1: Real Estate Investment and Construction - From January to August, national real estate development investment reached 60,309 billion yuan, a year-on-year decrease of 12.9% [1] - Residential investment amounted to 46,382 billion yuan, down 11.9% year-on-year [1] - The total construction area for real estate development was 643,109 million square meters, a decline of 9.3% year-on-year [1] - The new construction area was 39,801 million square meters, down 19.5% [1] - The completion area was 27,694 million square meters, a decrease of 17.0% [1] Group 2: Sales and Inventory of New Commercial Housing - From January to August, the sales area of new commercial housing was 57,304 million square meters, a year-on-year decrease of 4.7% [1] - The sales revenue of new commercial housing was 55,015 billion yuan, down 7.3% year-on-year [1] - As of the end of August, the inventory of unsold commercial housing was 76,169 million square meters, a decrease of 317 million square meters compared to the end of July [1] Group 3: Funding Situation for Real Estate Development - From January to August, the funds in place for real estate development enterprises totaled 64,318 billion yuan, a year-on-year decrease of 8.0% [2] - Domestic loans amounted to 10,232 billion yuan, showing a slight increase of 0.2% [2] - Personal mortgage loans were 8,857 billion yuan, down 10.5% [2] Group 4: Real Estate Market Sentiment - The real estate development prosperity index (National Real Estate Prosperity Index) for August was 93.05 [2]

Core Insights - Fixed asset investment in China maintained growth in the first eight months of the year, with manufacturing investment growing rapidly [2] Investment Overview - From January to August, total fixed asset investment (excluding rural households) reached 32,611.1 billion yuan, a year-on-year increase of 0.5% [2] - Excluding real estate development investment, fixed asset investment grew by 4.2% [2] Sector Performance - Infrastructure investment increased by 2.0% year-on-year [2] - Manufacturing investment saw a growth of 5.1% [2] - Real estate development investment declined by 12.9% [2] Real Estate Market - The sales area of newly built commercial housing was 57,304 million square meters, down 4.7% year-on-year [2] - The sales amount of newly built commercial housing was 55,015 billion yuan, a decrease of 7.3% [2] Industry Breakdown - Investment in the primary industry grew by 5.5% year-on-year [2] - Investment in the secondary industry increased by 7.6% [2] - Investment in the tertiary industry declined by 3.4% [2] Private Investment - Private investment decreased by 2.3% year-on-year [2] - Excluding real estate development investment, private investment grew by 3.0% [2] High-Tech Industry - Investment in high-tech industries showed significant growth, with information services, aerospace and equipment manufacturing, and computer and office equipment manufacturing increasing by 34.1%, 28.0%, and 12.6% respectively [2] Monthly Trends - In August, fixed asset investment (excluding rural households) experienced a month-on-month decline of 0.20% [2]

1—8月份，新建商品房销售面积57304万平方米，同比下降4.7%；其中住宅销售面积下降4.7%。新建商品房销售额55015亿元，下降7.3%；其中住宅销售额 下降7.0%。 国家统计局9月15日发布的数据显示，1—8月份，全国房地产开发投资60309亿元，同比下降12.9%；其中，住宅投资46382亿元，下降11.9%。1—8月份，新 建商品房销售面积57304万平方米，同比下降4.7%；其中住宅销售面积下降4.7%。新建商品房销售额55015亿元，下降7.3%；其中住宅销售额下降7.0%。8月 末，商品房待售面积76169万平方米，比7月末减少317万平方米。其中，住宅待售面积减少307万平方米。 一、房地产开发投资完成情况 1—8月份，全国房地产开发投资60309亿元，同比下降12.9%（按可比口径计算，详见附注6）；其中，住宅投资46382亿元，下降11.9%。 1—8月份，房地产开发企业房屋施工面积643109万平方米，同比下降9.3%。其中，住宅施工面积448460万平方米，下降9.6%。房屋新开工面积39801万平方 米，下降19.5%。其中，住宅新开工面积29304万平方米，下降18.3%。房 ...

智通财经APP获悉，9月15日，国家统计局公布1-8月份全国房地产市场基本情况。数据显示，1—8月份，全国房地产开发投资60309亿元，同比下降12.9% (按可比口径计算)；其中，住宅投资46382亿元，下降11.9%。1-8月份，房地产开发企业房屋施工面积643109万平方米，同比下降9.3%。其中，住宅施工面 积448460万平方米，下降9.6%。房屋新开工面积39801万平方米，下降19.5%。 原文如下： 1—8月份，房地产开发企业房屋施工面积643109万平方米，同比下降9.3%。其中，住宅施工面积448460万平方米，下降9.6%。房屋新开工面积39801万平方 米，下降19.5%。其中，住宅新开工面积29304万平方米，下降18.3%。房屋竣工面积27694万平方米，下降17.0%。其中，住宅竣工面积19876万平方米，下 降18.5%。 二、新建商品房销售和待售情况 1—8月份，新建商品房销售面积57304万平方米，同比下降4.7%；其中住宅销售面积下降4.7%。新建商品房销售额55015亿元，下降7.3%；其中住宅销售额 下降7.0%。 8月末，商品房待售面积76169万平方米，比7月末减 ...