In the first four months of this year, China’s top 100 real estate companies collectively achieved a total sales volume of 1.01817 trillion yuan (RMB), a decrease of 6.7% compared to the same period last year. This data indicates that the real estate market rebound remains weak.
According to a report released by CRIC Real Estate Research on May 1st, this figure marked CRIC’s lowest record since it started reporting “sales volume” data separately in 2019. Historical data shows that in the first four months of 2021, the top 100 real estate companies achieved a record high total sales volume of 3.74767 trillion yuan. However, sales have declined significantly since then, with the current figure only equivalent to 27% of the same period in 2021. In comparison to the same period in 2024, there was only a 1.2% year-on-year increase in sales in February, while sales in January, March, and April dropped by 3.2%, 11.3%, and 8.7% respectively.
A report titled “China Real Estate Enterprises Sales Performance Ranking in 2025 January to April” by China’s largest real estate research institution, CRIC Institute, released on April 30th, revealed that from January to April of this year, the total sales of the top 100 real estate companies in China amounted to 1.11986 trillion yuan, a 10.2% decrease compared to the same period last year.
Furthermore, data from Guosheng Securities Co., Ltd. on May 4th showed that in April this year, the heat of China’s real estate market weakened compared to March. The monthly sales volume remained at a historically low level. In April, the top 100 real estate companies achieved a sales volume of 284.66 billion yuan, a 9.1% decrease year-on-year and a 10.4% decrease compared to the previous month. Equity sales amounted to 226.30 billion yuan, a 6.9% decrease year-on-year, and a 10.9% decrease from the previous month. Overall, from January to April, the real estate market has been operating at a low level.
Financial news website Caixin believes that the sales data of the top 100 real estate companies in China for the first four months of this year overall reflect a weak rebound in the real estate market.
Renowned international financial services institution Nomura Holdings’ Chief Economist for China, Lu Ting, stated in a report released on April 24th, “We have not yet seen clear signs of stabilization in the (Chinese) real estate industry. The rapidly deteriorating Sino-US trade war is likely to further impact the struggling real estate industry.”
The term “sales volume” refers to the total sales amount realized by an enterprise through direct sales and cooperative development during the sales process. Specifically, the sales volume includes sales revenue obtained by enterprises through self-development and cooperative development projects, reflecting the overall sales performance of the businesses in the market.