Real Estate vs Tech GDP

The structural change, with less reliance on property and a greater role of technology in China, shows up in the industry-level GDP data.

The chart below overlays the quarterly GDP figures (in absolute terms and year-on-year growth) for 'Real Estate' and 'Information Transmission, Software & IT' (as a proxy for 'Tech') industries. Based on the latest Q3 2025 data released on October 20, 2025.

We used to look at the Tech one as “growing fast but still small” - but by now, it’s not that small anymore compared even to the real estate sector, and the Tech's persistent double-digit growth (+11.7% for Q3 Quarterly Y/Y) contrasts with the declines in real estate (-0.2%).