Beijing News recently reported on data released by the China Index Research Institute showing that the sales by the TOP100 Chinese real estate companies in 2024 totaled RMB 4354.73 billion (around US$596.56 billion), a year-over-year decrease of 30.6 percent. Well-know developer Vanke’s ranking dropped out of the top three.
As the Chinese real estate market is undergoing deep adjustment in 2024, the sales of the TOP100 housing companies have shown an overall downward trend. There are 11 real estate companies with total sales exceeding RMB 100 billion (around US$13.7 billion), a decrease of 5 compared with 2023. There are 86 real estate companies with total sales on RMB 10 billion (around US$1.37 billion) level, a decrease of 30 from 2023.
With the Chinese real estate sector struggling, more and more companies have stopped prior years’ practice of increase sales targets and pursuing large-scale development. Instead, they seek stability through actively controlling the scale of their sales. Data show that, in terms of real estate companies’ sales target completion rate, the average rate of the top six developers in 2024 was 86.0 percent. Compared with 98.5 percent in 2023, the target completion rate dropped by 12.5 percentage points. Experts have remarked on the current market environment, saying that housing affordability remains the key issue for consumers.
Source: Beijing News, January 1, 2025
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