截至2023年，全国房地产贷款余额达到了17万亿元人民币（约合2.5万亿美元），占国内生产总值的10%以上。批准的贷款总额约为7万亿元人民币，主要用于债务展期，显示市场资金压力依然很大。

房地产物业价值普遍出现下跌，跌幅高达50%。此外，2023年2月8日，房地产相关政策和市场动态仍在持续影响行业复苏前景，表明问题尚未得到根本解决。

十年前，中国处于房地产繁荣期，但在市场于五年前下滑后，预售融资模式崩裂，到2023年约有2000万套预售未完工住房。按平均价格粗算，这些闲置项目占用了约17万亿元人民币（2.5万亿美元）的家庭财富，略高于GDP的10%，形成了巨大的宏观拖累。

China’s real estate market has been in a five-year decline since 2018, contrasting sharply with the boom experienced a decade ago. As of 2023, about 20 million square meters of property projects remain unfinished, highlighting the sector’s significant challenges.

By 2023, nationwide real estate loan balances reached 17 trillion yuan (approximately $2.5 trillion), accounting for more than 10% of GDP. Approved loans totaled around 7 trillion yuan, mostly used for debt rollovers, indicating ongoing market financial stress.

Property values have generally fallen by as much as 50%. Furthermore, on February 8, 2023, policies and market movements related to real estate continued to affect recovery prospects, signaling that underlying issues remain unresolved.

Source: The rotten tail of China’s property bust

Subtitle: Officials want to spread the pain as widely as possible

Dateline: 2月 26, 2026 10:52 上午