About this Newsletter: Get a quick but finer view of (still) one of the most important sectors in China, with the weekly chart and commentary from Real Estate Foresight (REF) - drawing on 14+ years of REF's research on China housing markets.

Real Estate GDP vs Tech GDP - Annual Perspective 2017-2025

The choreographed robot and human performance in the TV gala show for the Chinese New Year of the Horse (the picture above) was a sign of the times.

The role of technology is also shown clearly in our updated comparison of the proxies for the real estate GDP and tech-related GDP in the chart below.

The tech GDP is getting close now to that of real estate (the grey part of the bar is the difference), with the sustained double-digit growth rates - in contrast to the declines in real estate since the 2021 peak.

A data note: growth rates are at fixed prices, while the GDP levels are at current prices, as per NBS data.