Report Industry Investment Rating - Not provided Core View - From the data of January - March 2025, the main indicators of the real estate industry continued to decline significantly. Although the decline in single - month sales and new construction starts narrowed marginally in March, the overall situation remained weak. Attention should be paid to policy changes and the restoration of the market's internal driving force [1] Summary by Related Indicators Development Investment Completion Amount - The cumulative value was 199.04 billion yuan, with a cumulative year - on - year growth rate of - 10.6%. The growth rate in March was - 9.9%, and the growth rate from January - February was - 10.0%. The growth rate for the whole year of 2024 was - 9.8% [1] New Housing Start - up Area - The cumulative value was 129.96 million square meters, with a cumulative year - on - year growth rate of - 24.4%. The growth rate in March was - 18.1%, and the growth rate from January - February was - 23.0%. The growth rate for the whole year of 2024 was - 29.6% [1] Commercial Housing Sales Area - The cumulative value was 218.69 million square meters, with a cumulative year - on - year growth rate of - 12.9%. The growth rate in March was - 3.0%, and the growth rate from January - February was - 5.1%. The single - month growth rate in March was - 0.9% [1] Housing Construction Area - The cumulative value was 6,137.05 million square meters, with a cumulative year - on - year growth rate of - 12.7%. The growth rate in March was - 9.5%, and the growth rate from January - February was - 9.1% [1] Housing Completion Area - The cumulative value was 130.6 million square meters, with a cumulative year - on - year growth rate of - 11.5%. The growth rate in March was - 14.3%, and the growth rate from January - February was - 27.7%. The growth rate for the whole year of 2024 was - 15.6% [1]