Despite the continuous introduction of policies aimed at revitalizing the real estate market by the Chinese Communist Party, the ongoing downward trend in the property market is not reversed. In the first seven months of this year, the total sales of the top 100 real estate companies in China decreased by 40% compared to the same period last year.
On July 31, a third-party research institution, the China Index Research Institute, released the “2024 Sales Performance Ranking of China’s Real Estate Enterprises from January to July.” According to the data, from January to July this year, the total sales of the top 100 real estate companies amounted to 2.390.94 trillion yuan, a year-on-year decrease of 40.1%, a decrease of 1.5 percentage points from the previous month. Six real estate companies with sales exceeding one trillion yuan in January to July, reduced by four compared to the same period last year; fifty-one companies with sales exceeding one hundred billion yuan, decreased by thirty-four compared to the same period last year. The equity sales of the top 100 real estate companies totaled 1.677.12 trillion yuan, with an equity sales area of 92.106 million square meters.
Looking at the data for a single month, in July, the sales of the top 100 real estate companies decreased by 19.4% year-on-year, and fell by 35.2% month-on-month.
The report indicates that in the first seven months of this year, the sales of real estate companies in all sectors have declined. From January to July, the average sales value of the top 10 real estate companies was 116.87 billion yuan, a decrease of 32.3% compared to the previous year; the average sales value of the top 11-30 real estate companies was 30.22 billion yuan, a decrease of 44.5% compared to the previous year; the average sales value of the top 31-50 real estate companies was 13.57 billion yuan, a decrease of 50.0% compared to the previous year; and the average sales value of the top 51-100 real estate companies was 6.93 billion yuan, a year-on-year decrease of 45.6%.
According to preliminary statistics from the China Index, the sales area of new homes in key cities in July decreased by approximately 10% year-on-year, and the decline in prices of second-hand homes in core cities has led to a diversion in the new housing market. From the perspective of real estate companies, reducing inventory remains the primary goal.