Shanghai-based Chinese financial news site East Money recently reported that in February 2024, the top 100 Chinese real estate companies suffered a sales volume decrease of 20.9 percent month-over-month. The year-over-year decrease for February was 60 percent. Single-month performance hit the lowest point seen in recent years.
During the period January through February 2024, total sales of the top 100 real estate companies had a year-over-year decrease of 51.6 percent. Among these companies, only 14 had sales exceeding RMB 10 billion (around US$1.41 billion), a decrease of 12 compared with the same period last year; eight companies had sales exceeding RMB 5 billion (around US$705 million), a decrease of 18 compared with the same period last year.
Both central state-owned real estate enterprises and private enterprises have been facing pressure. 38 of the top 50 real estate companies experienced a year-over-year sales decrease of more than 50 percent in a single month. Only one company achieved year-over-year growth in the month of February, compared with seven companies in January.
Source: East Money, March 1 2024
https://finance.eastmoney.com/a/202403012999671120.html