National Bureau of Statistics: From January to October, the total national real estate development investment was 86.309 billion yuan, a year-on-year decrease of 10.3%

On November 15, the National Bureau of Statistics released the basic situation of the national real estate market in the first ten months of 2024. From January to October, the total real estate development investment in the country was 8.6309 trillion yuan, a year-on-year decrease of 10.3%; of which, residential investment was 6.5644 trillion yuan, a decrease of 10.4%. The construction area of residential buildings by real estate development enterprises was 7.2066 billion square meters, a year-on-year decrease of 12.4%. The sales area of newly built commercial housing was 779.30 million square meters, a year-on-year decrease of 15.8%, with residential sales area decreasing by 17.7%. The sales revenue of newly built commercial housing was 768.55 billion yuan, a decrease of 20.9%, with residential sales revenue decreasing by 22.0%. At the end of October, the area of unsold commercial housing was 73.057 million square meters, an increase of 12.7% year-on-year. Among them, the area of unsold residential houses increased by 19.6%. From January to October, real estate development enterprises raised 87.235 trillion yuan of funds, a year-on-year decrease of 19.2%. This included 12.40 trillion yuan of domestic loans, a decrease of 6.4%; 30 billion yuan of foreign funds, a decrease of 19.1%; 31.483 trillion yuan of self-raised funds, a decrease of 10.5%; 26.44 trillion yuan of earnest money and advance payments, a decrease of 27.7%; and 12.436 trillion yuan of individual mortgages, a decrease of 32.8%. In October, the real estate development prosperity index (referred to as the "National Real Estate Prosperity Index") was 92.49. (Table 1 data not included) **Note** 1. **Indicator Interpretation:** - Total investment in real estate development by enterprises: The total investment in construction projects, land development projects, and public buildings and land acquisition fees by real estate development enterprises. This is an accumulated data. - Sales area of newly built commercial housing: The total area of new commercial housing sold during the reporting period. It is an accumulated data. - Sales revenue of newly built commercial housing: The total price of new commercial housing sold during the reporting period. It is an accumulated data. - Area of unsold commercial housing: The area of completed commercial housing available for sale or rent at the end of the reporting period, excluding housing that cannot be sold or rented. - Total funds raised by real estate development enterprises: The actual monetary funds used for real estate development, including domestic loans, foreign funds, self-raised funds, earnest money and advance payments, individual mortgage loans, and other funds. This is an accumulated data. - Construction area of buildings: The total area of buildings constructed by real estate development enterprises during the reporting period. 2. **Statistical Scope:** All legal entities engaged in real estate development activities. 3. **Survey Method:** Comprehensive monthly surveys except in January. 4. **Brief Explanation of the National Real Estate Development Prosperity Index:** The index follows the theory of economic cycle fluctuations, analyzing real estate investment, funds, area, sales, and other related indicators. The index uses growth rate cycles and is revised monthly based on historical data. The base year for the index is 2012, with 100 as the level of growth.The most appropriate economic level is between 95 and 105 points, with a moderate economic level between 95 and below, a lower economic level below 95, and a higher economic level above 105.5. Division of Eastern, Central, Western, and Northeastern Regions The Eastern region includes 10 provinces (municipalities) such as Beijing, Tianjin, Hebei, Shanghai, Jiangsu, Zhejiang, Fujian, Shandong, Guangdong, and Hainan; the Central region includes 6 provinces such as Shanxi, Anhui, Jiangxi, Henan, Hubei, and Hunan; the Western region includes 12 provinces (municipalities, autonomous regions) such as Inner Mongolia, Guangxi, Chongqing, Sichuan, Guizhou, Yunnan, Tibet, Shaanxi, Gansu, Qinghai, Ningxia, and Xinjiang; and the Northeastern region includes 3 provinces such as Liaoning, Jilin, and Heilongjiang. 6. Explanation of Year-on-Year Growth Rate The growth rates of indicators such as real estate development investment, sales area of newly-built commercial houses are calculated using a comparable basis. There are incomparable factors between the data of the reporting period and the data of the same period of the previous year that has been published, so the growth rates cannot be directly compared. The main reasons are: (1) Further clarification of the statistical standards for real estate development, including projects that meet the statistical standards for real estate development in the statistical scope and excluding projects such as single-level land development that are not real estate development projects. (2) Strengthening the audit of commercial housing sales data, excluding non-commercial housing sales data such as returns and mortgage-related data. (3) Strengthening statistical enforcement, and correcting problem data found according to relevant regulations. Source: National Bureau of Statistics; GMTEight Editor: Liu Xuan.