> **来源：[研报客](https://pc.yanbaoke.cn)** **China Property Market Update** *Report Date: 16 June 2025 | 10:04:32 ET* ### Key Indicators in May 2025 - Floor Space Sales: **-3.3%** (y/y) - Floor Space Starts: **-19.3%** (y/y) - Completions: **-19.5%** (y/y) ### Historical Data Comparison May 2025 figures show a narrowing gap in the pace of decline compared to 2024: - 5M 2024: Sales -**3%** (y/y), Starts -**23%** (y/y) - 2024 Full Year: Sales -**13%** (y/y), Starts -**24%** (y/y) ### Insights - **Destocking Continues**: Sales have been higher than starts, indicating ongoing inventory reduction initiated over four years ago, reducing sensitivity to property demand on the steel sector. - **Steel Demand Impact**: Property now contributes less than **20%** of domestic steel demand, mitigating the incremental effect of declining starts. ### Future Projections - **Citi House Forecast**: - Sales: **-8%** (y/y) - Starts: **-16%** (y/y) - These levels align with historical data points corresponding to 2008 sales and 2004 starts. Additional details may be referenced in the full research report.