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eptember saw the real‑estate prosperity index slide 21.3% from a year earlier. Total investment in the sector fell 13.9% YoY over the first nine months, reaching 6.77 trillion yuan. Construction activity shrank 9.4% YoY, with new‑build land dropping 18.9%. In September alone, investment hit 739.7 billion yuan, a 21.3% decline. The index stood at 92.78 versus 93.05 in August. Prices for new homes in 70 major cities fell 0.4% month‑on‑month and 2.2% YoY, further dampening growth. Steel output fell 4.6% YoY in September 2025 to 73.49 million tonnes, a 5% monthly drop and the fourth straight decline; cumulative Jan‑Sep output was 746.25 million tonnes, down 2.9% YoY. Exports rose 9.2% YoY to 87.96 million tonnes, with September shipments at 10.47 million tonnes, up 10% MoM.