China September 2026 data: property investment drop deepens to 20.6% so far this year
China's real estate investment fell 20.6% in January–September 2026 from a year earlier, a deeper drop than the -19.9% through August. Retail sales grew only about 1.1% in September, so demand at home stayed weak.
A data update from FactIQ, written from National Bureau of Statistics of China figures. What is FactIQ?
Key figures
- China real estate investment, January–September 2026, change from a year earlier
- -20.6%down from -19.9% through August and -13.9% a year earlier2024-06-012026-09-01Real Estate - Real Estate Development and Investment - Investment of Real Estate , Accumulated Growth Rate
- China total retail sales, September 2026, change from a year earlier
- about 1.1%after around 0.4% in August
- China car sales at larger retailers, September 2026, change from a year earlier
- about -23%
- China private fixed-asset investment, January–September 2026, change from a year earlier
- -10.4%
The property slump got worse again in September
These figures come from China's National Bureau of Statistics (NBS). Real estate investment measures spending on building homes and other property. It was down 20.6% year to date (YTD) in January–September. Through August it was down 19.9%, and a year earlier it was down 13.9%. The decline has deepened every month this year. The value of home sales fell 13.7% YTD, after -13.1% through August. A rough monthly estimate takes the September YTD total minus the August YTD total. On that basis, home sales in September were about 19% below last year, after roughly -13% in August. The data do not yet show property turning a corner. Private fixed-asset investment, which is spending by private firms on buildings and equipment, fell further to -10.4% YTD.Consumer spending stayed weak, and car sales fell sharply
Total retail sales are the main measure of consumer spending. In September they were about 1.1% above last September, after around 0.4% in August. Retail sales in urban areas grew 0.8%. Car sales at larger retailers were about 23% below a year earlier. Motor vehicle output was down about 5% year on year.Industry and services held up
Industrial value-added measures output from factories, mines and utilities. It grew 5.3% YTD for a third month in a row. The Index of Service Production, which tracks output in service industries, grew 4.8% year on year, up from 4.1%. The urban surveyed unemployment rate eased to 5.2% from 5.3%.Mining output turned positive, but coal output kept shrinking
- Mining value-added rose 1.3% year on year, after -1.4% in August.
- Crude steel output edged up 0.1%, its first rise since June.
- Refined copper output rose 1.1%.
- Coal output fell 6.8% year on year.
Source: National Bureau of Statistics of China. See all NBS data in FactIQ.
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