In Guangdong Province, the added value of the tertiary industry is increasing, but investment is decreasing. Industry insiders say that the drag of the real estate sector on the Guangdong economy is weakening at the margin.

Guangdong, the province with the largest economy responsible for carrying the main burden, still faces many challenges in the cultivation of new economic drivers. On March 31, the 2025 National Economic and Social Development Statistics Bulletin of Guangdong Province was released. According to the data, while the value added of the three industries is increasing, fixed asset investment in various fields and regions is declining. This indicates that the structure of Guangdong's economic growth is changing. "Is real estate still significantly dragging down the economy of Guangdong? In the short term, the answer is yes, but it is weakening at the margin." Lin Jiang, an economics professor at Sun Yat-sen University Lingnan College and deputy director of the Hong Kong-Macao Pearl River Delta Research Center, believes that the value added of real estate is basically stable, with the construction stock supporting output, new construction shrinking, and the direct drag on GDP will not be as significant as in 2023-2024. However, drag on investment and the industrial chain still exist. A decline in real estate investment will affect the steel, cement, and home appliance industries; a decline in real estate investment also means a decrease in local government land transfer income, pressure on fiscal revenue, and limitations on infrastructure investment capabilities.