The National Real Estate Climate Index (国房景气指数, full name: 全国房地产开发业综合景气指数) is a composite indicator published monthly by the NBS that measures the cyclical health of China's real estate development industry. It synthesizes 8 sub-indices covering: investment, funding sources, land revenue, land development area, construction starts, completions, sales prices, and vacancy area. The index uses 2012 as its base year (= 100) and is constructed using growth-rate cycle methodology with seasonal adjustment.
How to read it: 100 = equilibrium/prosperity line. 95–105 = moderate conditions. Below 95 = contraction (cooling). Above 105 = overheating. The persistent decline below 95 since mid-2022 signals a broad-based downturn across investment, construction, and sales.