The NBS monthly property block: development investment, funds received, starts/construction/completions, and sales. This is the hub page for post-2021 China macro — the property chain touches commodity demand (steel, cement) on one end and mortgages, land finance and household balance sheets on the other. Starts and sales lead; completions lag by years, tracing the delivery pipeline.
Core monthly real estate development and sales indicators published by China's National Bureau of Statistics (NBS), covering all licensed RE development enterprises nationwide (excludes self-built and informal housing). All figures are year-to-date (YTD) cumulative values and cumulative YoY growth rates. January and February are reported combined each year.
Investment: Completed investment by RE developers (including land acquisition costs), broken down by property type: residential, office, and commercial. Funding: Actual funds received by developers, split by channel: domestic loans (bank and non-bank financial institutions) and self-raised funds (internal funds and inter-corporate borrowing).
Construction: "Under construction" is a stock measure covering all ongoing projects (including carry-overs and resumed projects). "New starts" and "completions" are flow measures for the current period only. New starts are counted when foundation digging begins; completions when inspection is passed. Residential construction metrics are a subset of the totals.
Sales: Property sales area and value are recorded at contract signing (网签备案), not at actual payment receipt. Includes residential, office, and commercial, with a separate residential breakdown.
Tip: Selecting "Monthly" auto-derives single-month values from YTD data, with YoY% shown in the tooltip. Selecting "YTD Level" or "Monthly" together with "YTD YoY%" enables dual Y-axes.