Recently, China’s top 100 real estate companies have successively released performance reports, showing a nearly 40% year-on-year decline in total sales for the first 8 months of this year. According to performance announcements from 24 real estate giants such as China Evergrande, Vanke, and Country Garden, the total losses in the first half of this year amounted to a staggering 140 billion yuan, with many state-owned and private enterprises facing insolvency.
On the evening of August 31, institutions like China Index Institute, CRIC, and E-House Research Institute separately released the list of the top 100 real estate companies in sales for the first 8 months of 2024.
According to data from the China Index Institute, the total sales of the top 100 real estate companies for the first 8 months of the year amounted to 2,683.24 billion yuan, a 38.5% decrease year-on-year. This marks a continuous narrowing of the year-on-year decline for the sixth consecutive month.
A comprehensive review by journalists at Dajiyuan found that 16 major Chinese real estate companies reported a combined loss of around 100 billion yuan in their mid-year financial reports released on August 30.
China Evergrande’s mid-year performance report for 2024 indicated a net loss of 20.257 billion yuan in the first half of the year, a significant increase in losses compared to the same period last year. Evergrande Group faced a debt crisis in 2021 with a total debt exceeding 1.96 trillion yuan.
In the mid-year performance report released by Country Garden for 2024, the company reported a loss of approximately 8.9 billion yuan in the first half of the year, with shareholders’ attributable losses reaching 9.674 billion yuan. Country Garden’s net debt-to-asset ratio stood at around 80.3%.
Oceanwide Holdings reported a net loss of 5.317 billion yuan in the first half of 2024, with a net loss attributable to owners of 5.382 billion yuan. As of the end of the first half of the year, the company’s total assets amounted to 195.493 billion yuan, total liabilities 181.349 billion yuan, and an asset-liability ratio of 92.76%.
Jinke Real Estate reported a net loss attributable to shareholders of the listed company of 3.8 billion yuan in the first half of 2024, a 95.96% increase in losses year-on-year.
Huaxia Happiness released its report for the first half of 2024, showing a net loss of 4.919 billion yuan, with attributable losses to owners of 4.849 billion yuan. As of the end of the first half of the year, Huaxia Happiness had total assets of 348.042 billion yuan, total liabilities of 325.901 billion yuan, and an asset-liability ratio of 93.64%.
Jinhuikong Holdings reported a net loss of 1.927 billion yuan in the first half of 2024, with a net loss attributable to owners of 2.026 billion yuan. As of the end of the first half of the year, Jinhuikong Holdings had total assets of 110.425 billion yuan, total liabilities of 76.907 billion yuan, and an asset-liability ratio of 69.65%.
Rongxin China’s mid-year performance report for 2024 showed a net loss attributable to owners of 1.931 billion yuan in the first half of the year. As of the end of the first half of the year, Rongxin China had total assets of 133.35 billion yuan, total liabilities of 111.48 billion yuan, and an asset-liability ratio of 83.6%.
华侨城 released its report for the first half of 2024, showing a net loss of 1.45 billion yuan, with attributable losses to owners of 1.056 billion yuan. As of the end of the first half of the year,华侨城 had total assets of 353.121 billion yuan, total liabilities of 268.696 billion yuan, and an asset-liability ratio of 76.09%.
Xuhui Holdings’ mid-year performance report for 2024 indicated a net loss of 4.44 billion yuan, with a net loss attributable to owners of 4.939 billion yuan. As of the end of the first half of the year, Xuhui Holdings had total assets of 282.786 billion yuan, total liabilities of 225.596 billion yuan, and an asset-liability ratio of 79.78%.
Lvjing China Real Estate reported a net loss of 1.61 billion yuan in the first half of 2024, with shareholders’ attributable losses of 1.528 billion yuan.
Zhongliang Holdings reported a net loss of 1.957 billion yuan in the first half of 2024, with a net loss attributable to owners of 1.709 billion yuan. As of the end of the first half of the year, Zhongliang Holdings had total assets of 148.772 billion yuan, total liabilities of 128.637 billion yuan, and an asset-liability ratio of 86.47%.
YuZhou Group’s mid-year performance report for 2024 showed a loss attributable to owners of the parent company of 6.256 billion yuan in the first half of the year. On August 23, YuZhou Group filed for bankruptcy protection under Chapter 15 of the U.S. Bankruptcy Code. As of the end of 2023, YuZhou Group had total assets of 108.752 billion yuan, total liabilities of 103.691 billion yuan, with a debt ratio of 95.35%.
Jiachao Ye reported a net loss of 8.994 billion yuan in the first half of 2024, with shareholders’ attributable losses of 9.115 billion yuan. As of the end of the first half of the year, Jiachao Ye had total assets of 224.581 billion yuan, total liabilities of 233.17 billion yuan, and an asset-liability ratio of 103.82%.
Sunac China’s mid-year performance report for 2024 showed a net loss of 16.665 billion yuan, with a net loss attributable to owners of 14.957 billion yuan. As of the end of the first half of the year, Sunac had total assets of 9,619.7 billion yuan, total liabilities of 8,957.12 billion yuan, and an asset-liability ratio of 93.11%.
Fancy Year reported a net loss of 3.152 billion yuan for the first half of 2024, with a net loss attributable to owners of 3.161 billion yuan. As of the end of the first half of the year, Fancy Year had total assets of 767.4 billion yuan, total liabilities of 819.24 billion yuan, and an asset-liability ratio of 106.76%.
Fancy Year faced a public debt default in 2021, attracting industry attention. The founder of Fancy Year, Baobao Zeng, is the company’s largest shareholder and the niece of Zeng Qinghong, former Vice Chairman of the Chinese Communist Party.
Vanke released its semi-annual report for 2024, showing an operating income of 142.779 billion yuan in the first half of the year, a decrease of 28.93% year-on-year; a net loss of 8.521 billion yuan, a 156.18% decrease; and a net loss attributable to owners of 9.852 billion yuan, a 199.82% decrease.
Among the five real estate companies with sales exceeding 100 billion yuan in the first half of this year, Vanke was the only one to report a net loss. According to the announcement, as of the end of the first half of the year, Vanke had total assets of 1,422.819 billion yuan, total liabilities of 1,037.762 billion yuan, and an asset-liability ratio of 72.94%.
Notably, Country Garden announced on August 30 that it expects to further delay the release of its 2023 annual performance and 2024 mid-year performance.
Meanwhile, a review by Dajiyuan journalists of the mid-year performance announcements of 8 major Chinese real estate giants released on August 29 revealed a combined loss of approximately 41 billion yuan.
Shimao Group’s mid-year performance report for 2024 showed a net loss of 24.215 billion yuan, with a net loss attributable to owners of 22.668 billion yuan. As of the end of the first half of the year, total assets were 4,855.85 billion yuan, total liabilities were 4,610.42 billion yuan, and the asset-liability ratio was 94.95%.
Jianye Real Estate released its mid-year performance report for 2024, reporting a net loss of 2.826 billion yuan, with a net loss attributable to owners of 2.609 billion yuan. As of the end of the first half of the year, Jianye Real Estate had total assets of 1,114.62 billion yuan, total liabilities of 1,158.74 billion yuan, and an asset-liability ratio of 103.96%.
China Fortune Land Development announced its mid-year performance for 2024, reporting a net loss of 3.424 billion yuan, with a net loss attributable to owners of 3.682 billion yuan. As of the end of the first half of the year, China Fortune Land Development had total assets of 1,435.08 billion yuan, total liabilities of 1,284.03 billion yuan, and an asset-liability ratio of 89.47%.
Hongyang Real Estate reported a net loss of 1.71 billion yuan in the first half of 2024, with a net loss attributable to owners of 1.784 billion yuan. As of the end of the first half of the year, Hongyang Real Estate had total assets of 671.91 billion yuan, total liabilities of 548.65 billion yuan, and an asset-liability ratio of 81.66%.
Jindige Group reported a net loss of 4.44 billion yuan in the first half of 2024, with a net loss attributable to owners of 3.361 billion yuan. As of the end of the first half of the year, total assets were 3,491.57 billion yuan, total liabilities were 2,386.13 billion yuan, and the asset-liability ratio was 68.34%.
Sunac 100 China reported a net loss of 1.677 billion yuan in the first half of 2024, with a net loss attributable to owners of 1.661 billion yuan. As of the end of the first half of the year, Sunac 100 had total assets of 496.32 billion yuan, total liabilities of 505.02 billion yuan, and an asset-liability ratio of 101.75%.
Longguang Group reported a net loss of 1.8 billion yuan in the first half of 2024, with a net loss attributable to owners of 1.536 billion yuan. As of the end of the first half of the year, Longguang Group had total assets of 2,264.88 billion yuan, total liabilities of 1,959.76 billion yuan, and an asset-liability ratio of 86.53%.
China Merchants Real Estate, a central state-owned enterprise’s subsidiary, reported a net loss of 999 million yuan in the first half of 2024, with a net loss attributable to owners of 983 million yuan. As of the end of the first half of the year, China Merchants Real Estate had total assets of 1,159.11 billion yuan, total liabilities of 989.08 billion yuan, and an asset-liability ratio of 85.33%.
According to CRIC Research Center data, there were five real estate companies with sales exceeding 100 billion yuan in the first half of the year, including Poly Development, China Overseas Land & Investment, Greentown China, Vanke, and China Resources Land.
According to data from the China Index Institute, there were a total of six real estate companies with sales exceeding 100 billion yuan in the first 8 months, which decreased by 6 compared to the same period last year; there were 61 companies with sales exceeding 10 billion yuan, which decreased by 29 compared to the same period last year.
For the first 8 months of this year, sales figures for real estate companies in all categories have declined. The average sales for the top 10 real estate companies was 130.22 billion yuan, a decrease of 30.8% year-on-year; for companies ranked 11-30, the average sales were 33.95 billion yuan, a decrease of 42.6% year-on-year; for companies ranked 31-50, the average sales were 15.52 billion yuan, a decrease of 47.0% year-on-year; and for companies ranked 51-100, the average sales were 7.83 billion yuan, a decrease of 45.2% year-on-year.