Chinese water dragons are large, active, arboreal lizards, and their space needs reflect that. An adult reaches two to three feet in total length, much of it tail, and uses vertical space far more than floor space. Height is the priority dimension; an enclosure tall enough to allow climbing and basking at different levels matters more than raw floor footage.
A common practical minimum for a single adult is an enclosure on the order of six feet tall by three to four feet wide and two feet deep, though bigger is always better for a species this energetic. Hatchlings can start in something smaller for ease of monitoring and feeding, but they grow quickly and will need adult-sized housing within a year or two.
Because water dragons are semi-aquatic, the footprint also needs to accommodate a sizable water feature large enough for the animal to submerge and soak. This is functional space, not decoration, and it should be planned into the layout from the start rather than added as an afterthought.