China Property Sales Fall Seasonally in July 2026 as Poly Leads with RMB 150 Billion

China's property market saw a seasonal decline in July 2026, with top-tier developers recording equity sales of RMB 145.57 billion for the month. Cumulative equity sales for January-July reached RMB 1,241.14 billion, with the year-on-year decline narrowing further compared with the first half. In full-caliber sales, four developers surpassed RMB 100 billion: Poly Development led with RMB 150 billion, followed by China Overseas Land at RMB 149.46 billion, China Resources Land at RMB 130.6 billion, and China Merchants Shekou at RMB 109.86 billion. In equity sales, China Overseas Land ranked first with RMB 137.51 billion, surpassing Poly Development's RMB 118.2 billion. In the first seven months, equity sales of leading developers generally declined month-on-month, but three central state-owned enterprises - China Overseas Land, China Resources Land, and Jinmao - maintained positive cumulative year-on-year growth. All top-10 developers by equity sales posted cumulative growth above 70%, with four exceeding 100%. CSCEC Jiuhe led with 222.6% growth, followed by Longxiang Holdings Group at 193.8%, Liantai Real Estate at 185.8%, and Tianjian Group at 140.9%. Among the top-10 growers, one was a central SOE, two were state-owned enterprises, and seven were private firms. Private developers showed marked divergence: only 15.2% recorded growth above 30%, while nearly 80% posted negative growth. Among central SOEs, 50% achieved positive growth, while 18.2% saw declines exceeding 30%. Structural divergence was pronounced in July 2026. The Hangzhou Binjiang C&D Jinmao Wangjitian project sold all 66 river-view units within three hours of its first launch, generating approximately RMB 3.36 billion. The Shenzhen China Resources Merchants Guanchao project sold about 70% of 106 units in its third batch, with cumulative sales across three launches exceeding RMB 10 billion. The Chongqing Great Wall Sunac Chongqing Bay project sold 181 units at its first launch, setting a record for Chongqing in five years. The Shenzhen Shanyue Bay Garden ranked first in the city with 1,246 units sold from January to July. Across 50 cities, new home transactions fell 9% year-on-year in cumulative terms, narrowing by about one percentage point from the January-June period, while second-hand home transaction volume rose 11% year-on-year, a 20-percentage-point gap with new home declines. On July 30, the Political Bureau of the CPC Central Committee held a meeting, setting the stabilization of the property market as the policy focus for the second half of the year and incorporating real estate into efforts to shore up the safety net. Policy tools including accelerated issuance of special bonds and lower mortgage rates are being advanced.