Chinese property crash has only a decade to go

David Llewellyn-Smith

Tuesday 21 October 2025

The Chinese property crash is somewhere near the halfway point. Here is the raw data for Ssptember,

Floor space sold: -10.5% yoy in September, vs. -10.3% yoy in August (value of sales:-11.8% yoy in September, vs. -13.8% yoy in August).
Floor area under construction: -9.4% yoy in September, vs. -9.3% yoy in August.
New home starts: -14.4% yoy in September, vs. -20.3% yoy in August.
New home completions: +1.5% yoy in September, vs. -21.5% yoy in August.
Real estate investment: -21.1% yoy in September, vs. -19.4% yoy in August.

Starts by floor area keep on falling.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.