Top 100 China Developers' Sales Decline Narrows for Fifth Month; First-Tier Cities Improve in Jan-Jul 2026

In the first seven months of 2026, the cumulative sales of the top 100 developers amounted to approximately 1.80 trillion yuan, with the year-on-year decline narrowing by 0.6 percentage points from the January-June period, marking the fifth consecutive month of narrowing. Poly Developments, China Overseas Land & Investment, and China Resources Land ranked among the top three in full-caliber sales with 150 billion yuan, 149.46 billion yuan, and 130.6 billion yuan, respectively. China Merchants Shekou and Greentown China recorded sales of 109.86 billion yuan and 107 billion yuan, respectively, entering the hundred-billion-yuan club. There were five developers with sales above 100 billion yuan, unchanged from the same period in 2025, and 39 developers with sales above 10 billion yuan, 10 fewer than the year-earlier period.

In terms of equity sales, China Overseas Land & Investment and Poly Developments led with 137.51 billion yuan and 118.2 billion yuan, respectively. China Overseas Land & Investment, China Resources Land, and China Jinmao maintained positive year-on-year growth, with China Overseas rising 13.3%. Four developers recorded equity sales growth of over 100%, led by Zhongjian Jiuhe at 222.6%, followed by Longxiang Holding Group at 193.8%, Liantai Real Estate at 185.8%, and Tianjian Group at 140.9%.

On July 16, the first release of 66 river-view units at the Wang Tianji project in Hangzhou sold out, with total sales of approximately 3.36 billion yuan and an average filing price of 142,300 yuan per square meter. The highest-priced unit exceeded 152 million yuan. The first batch of Anlan Shanghai East District sold out on July 31 within 30 minutes, achieving sales of 3.36 billion yuan. Shanghai Greentown · Yue Haitang received 946 subscription groups, representing a subscription rate of 415%, setting records for both subscription volume and rate for a single batch of new homes in Shanghai from 2025 to 2026.

In Shenzhen, the affordable housing project Shanyue Bay Garden, with an average allocation price of 42,600 yuan per square meter and a starting total price of 2.55 million yuan, sold 1,246 units in the first seven months, ranking first in the city. In Chongqing, the Haicheng Jinkaijun project sold 53 units weekly with sales of 139 million yuan, topping both lists in the city. Some suburban projects or those with weaker product appeal faced sales pressure, while new regulation-compliant products entering the market and the narrowing price gap with second-hand homes made first-time homebuyers more cautious.

In July, the sales area of new commercial housing in 30 cities recorded a slight year-on-year increase, with first-tier cities showing higher growth, representative second-tier cities edging down, and representative third- and fourth-tier cities edging up. A land plot in Shanghai's Yangpu District set a record for residential land unit price in the district, with a total price of 16.12 billion yuan and a floor price of 102,023 yuan per square meter.