An unfinished apartment complex—now a common sight across China. (Screenshot from X platform)
[People News] According to data from the Chinese Communist Party’s National Bureau of Statistics, from January to September, the total floor area under construction by real estate developers reached 648.58 million square meters, a year-on-year drop of 9.4%. Of this, residential construction accounted for 452.165 million square meters, down 9.7%. The floor area of newly started housing projects was 45.399 million square meters, plunging 18.9%.
Recently, many netizens have remarked that Beijing’s era of ever-rising home prices has come to an end. Although official data show only mild declines, in reality Beijing housing prices have fallen sharply—something well known to homeowners in the city.
According to the latest figures released by Chinese financial media outlet Gelonghui, the average transaction price of homes in Beijing in October 2025 was 42,500 yuan per square meter, representing a 34.9% decline compared with early 2022.
Commentator Cai Shenkun wrote on X (Twitter) on November 3 that home prices in Beijing’s suburbs have already been slashed in half. Years ago, many Beijing locals and migrant workers who worked in the city rushed to buy homes in Yanjiao, Dachang, and areas near the new Daxing International Airport—but now, those properties are “rotting in their hands” and can’t be sold at all.
A user named “Freeman” revealed that a courtyard home (siheyuan) in Beijing’s central Taijichang area was priced at 120 million yuan five years ago; now it’s 93 million yuan.
Another user, “Klaka,” commented, “Forget about selling—it can’t even be rented out, because Beijing’s job market has already collapsed.”
User “Ice Wolf Heart” added, “Yanjiao has long since become Hebei’s Yanjiao. As for other areas, I’m not sure—but in Changping District on Beijing’s outskirts, some houses that were 5 million yuan are now worth just over 3 million.”
Many netizens lamented:
“Urban middle-class families are now so poor that all they have left is their homes. Everything else that can be sold cheaply has already been liquidated to repay debt.”
Prominent financial blogger “Weihu Talks Real Estate” said in a recent video that, based on data from China’s National Financial Regulatory Administration and the People’s Bank of China, the number of people who have failed to make mortgage payments for three consecutive months, thus meeting the default threshold, has reached 1.87 million—a 35.6% increase from 2024. Meanwhile, 2 million more borrowers are negotiating with banks for deferred or temporarily suspended payments.
In addition, about 2 million homes have already entered judicial foreclosure procedures, meaning the total number of affected households nationwide may exceed 6 million.
“In other words,” he said, “more than one-eighth of all mortgage-holding families in China are now facing cash-flow difficulties or have already become insolvent.”
He further warned that if China’s economic and employment conditions do not significantly improve within the next three years, many of those currently deferring repayments are likely to end up defaulting as well. △
News magazine bootstrap themes!
I like this themes, fast loading and look profesional
Thank you Carlos!
You're welcome!
Please support me with give positive rating!
Yes Sure!