Revenue from residential real estate sold in China 2013-2023
Since the 1998 housing reform, the Chinese real estate market went through more than two decades of prosperity. The overall sales revenue of commercial residential housing skyrocketed from 251.3 billion yuan in 1998 to over five trillion yuan in 2012, and nearly 16 trillion yuan in 2021. However, sales revenue dropped considerably in 2022, and reached only around 10.3 trillion yuan in 2023. With demands for residential housing potentially falling, the sector is posing a significant risk to the long-term healthy development of the Chinese economy.
