In November 2025, sales of commercial properties across China continued to face pressure, with both volume and prices declining overall. Data shows that cumulative year-on-year decreases in sales area and revenue reached 7.8% and 11.1%, respectively, with residential sales area and revenue down 8.1% and 11.2%, reflecting weak buyer confidence and persistent demand weakness. Market segmentation revealed a clear divergence between completed and pre-sale properties. Completed housing sales area rose 7.7% year-on-year, one of the few segments showing growth, indicating that certain developers’ delivery capabilities and quality assurance are gaining market recognition. In contrast, pre-sale property sales area fell 14.5% year-on-year, underscoring growing concerns over delivery risks and a strong wait-and-see sentiment among buyers. Notably, monthly data for November further highlighted downward pressure: sales area and revenue declined 17.9% and 26.1% year-on-year, respectively—significantly worse than the cumulative figures—suggesting no clear signs of short-term recovery. Experts note that the real estate market is currently undergoing structural adjustment, and the relative resilience of completed housing may signal a faster shift toward a “completed-home-dominated” supply model in the future, marking a pivotal turning point from “development-heavy” to “delivery-focused” industry dynamics.