In 2023, the total floor space of newly started residential housing construction in China dropped below 700 million square meters. This marked the fourth consecutive year of decline since the figure peaked in 2019.
Two decades of prosperity in China’s real estate sector
China's housing market enjoyed more than two decades of prosperity since the country liberalized its real estate sector in the late 1990s. In tandem with China's urbanization and economic success, demand for better housing grew consistently, leading to significant price rises for real estate across all regions. As a result, the real estate and construction sectors have both become pillar industries of the country. Through the sale of land use permits to real estate enterprises, local governments also generated substantial non-tax income, allowing them to fund vital infrastructure development projects and investments.
Is the real estate market in China unsustainable?
In the last two decades, almost all major real estate companies in China achieved their market dominance by selling off-plan properties and reinvesting their revenues in further development projects. This model has gradually become unsustainable as the real estate industry slowed its pace of growth, leading to financial turmoil for companies, including giants such as Evergrande and Country Garden. Complicating matters, the large number of unfinished projects that have already been sold has pushed many homebuyers into bankruptcy.
Floor space of residential real estate construction started by real estate developers from 2000 to 2023
(in million square meters)
Characteristic
Construction in million square meters
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Residential property includes high-end villas and apartments as well as affordable accommodation.
Figures for earlier years have been taken from previous publications.
Values have been rounded.
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National Bureau of Statistics of China. (January 17, 2024). Floor space of residential real estate construction started by real estate developers from 2000 to 2023 (in million square meters) [Graph]. In Statista. Retrieved August 25, 2024, from https://www.statista.com/statistics/242666/annual-construction-of-residential-real-estate-in-china/
National Bureau of Statistics of China. "Floor space of residential real estate construction started by real estate developers from 2000 to 2023 (in million square meters)." Chart. January 17, 2024. Statista. Accessed August 25, 2024. https://www.statista.com/statistics/242666/annual-construction-of-residential-real-estate-in-china/
National Bureau of Statistics of China. (2024). Floor space of residential real estate construction started by real estate developers from 2000 to 2023 (in million square meters). Statista. Statista Inc.. Accessed: August 25, 2024. https://www.statista.com/statistics/242666/annual-construction-of-residential-real-estate-in-china/
National Bureau of Statistics of China. "Floor Space of Residential Real Estate Construction Started by Real Estate Developers from 2000 to 2023 (in Million Square Meters)." Statista, Statista Inc., 17 Jan 2024, https://www.statista.com/statistics/242666/annual-construction-of-residential-real-estate-in-china/
National Bureau of Statistics of China, Floor space of residential real estate construction started by real estate developers from 2000 to 2023 (in million square meters) Statista, https://www.statista.com/statistics/242666/annual-construction-of-residential-real-estate-in-china/ (last visited August 25, 2024)
Floor space of residential real estate construction started by real estate developers from 2000 to 2023 (in million square meters) [Graph], National Bureau of Statistics of China, January 17, 2024. [Online]. Available: https://www.statista.com/statistics/242666/annual-construction-of-residential-real-estate-in-china/