Number of newly built apartments in China 2001-2021
In 2021, almost 6.5 million new residential properties were built in China, an increase from the previous years. Since the 1998 housing reform, the number of new builds kept growing for more than a decade, before reaching the peak of 7.64 million in 2012. Since then, the annual number of new apartments remained generally stable, until the gradual decline in recent years. The Chinese economy is now highly dependent on the real estate industry. With the sector reaching a peak, and the mounting pressure over the unaffordable housing market in the country, the long-term healthy development of the Chinese economy is potentially at risk.
