China’s Property Crisis Deepens as Sales, Profits, and Prices All Tumble

Recent data indicate that China’s housing market remains stagnant, as falling prices have done little to lure buyers back.

This aerial photograph shows a residential complex built by Chinese real estate developer Vanke in Zhengzhou, China on Aug. 30, 2023. AFP via Getty Images

China’s property market continues to face significant challenges with steep declines in sales, investment, and profitability, raising new doubts about the state media’s narrative of a gradual recovery.

According to data released on July 31 by the China Index Academy, total sales by the country’s top 100 real estate developers reached 2.07 trillion yuan ($285 billion) in the first seven months of 2025—down 13.3 percent year-over-year. The pace of decline has accelerated, widening by 1.5 percentage points compared with the first half of the year. In July alone, sales dropped 18.2 percent from a year earlier.