China's housing market shrinks across the board, except for office sales

China's real estate investment, new construction, and sales all dropped by double digits in the first three months of 2026. The only bright spot was a small increase in office building sales, while residential sales continued to fall sharply. This means the government's efforts to stabilize the property market are not yet working, and the downturn is deepening.

The Chinese government has been trying to prop up its property market for years, but these numbers show the problem is getting worse. Investment is down, new projects are down, and people are buying fewer homes. This is a problem for local governments, who rely on land sales for revenue, and for banks, who have lent heavily to developers. The small rise in office sales is an anomaly in an otherwise bleak picture.