Top 100 Developers' Sales Decline Narrows for Fifth Month in First Seven Months of 2026

In the first seven months of 2026, the recovery trend in property developers' sales continued, with the year-on-year decline in total sales among the top 100 developers narrowing for five consecutive months. According to data from the China Index Academy, the total sales of the TOP 100 developers from January to July reached RMB 1,804.21 billion, with the year-on-year decline narrowing by 0.6 percentage points compared with the January-to-June period. The number of developers with sales exceeding RMB 100 billion remained at five, unchanged from the same period in 2025; the number of developers with sales exceeding RMB 10 billion stood at 39, down 10 from the same period in 2025. The ranking of the TOP 10 developers remained consistent with the first six months, with Poly Development, China Overseas Land & Investment, China Resources Land, China Merchants Shekou, and Greentown China ranking among the top five, with sales of RMB 150 billion, RMB 149.46 billion, RMB 130.6 billion, RMB 109.86 billion, and RMB 107 billion, respectively.

From the perspective of equity sales, the rankings of China Overseas Land & Investment and Poly Development changed. China Overseas Land & Investment recorded equity sales of RMB 137.51 billion, ranking first; Poly Development followed with equity sales of RMB 118.2 billion, ranking second. Among leading developers, three central state-owned enterprises—China Overseas, China Resources, and Jinmao—maintained positive year-on-year growth in cumulative equity sales. In the first seven months, the cumulative growth rates of the TOP 10 developers by equity sales were all above 70%, with four of them exceeding 100% year-on-year growth. Zhongjian Jiuhe led with a growth rate of 222.6%, followed by Longxiang Holding Group and Liantai Real Estate with increases of 193.8% and 185.8%, respectively, and Tianjian Group with a year-on-year increase of 140.9%. Among the top 10 developers by growth, there was one central state-owned enterprise, two local state-owned enterprises, and seven private enterprises.

In July alone, the property market entered its traditional off-season, with the operational sales amount of the top 100 developers reaching RMB 1,591.82 billion, down 14.6% year-on-year. The developer with the highest monthly operational sales was China Overseas Development, reaching RMB 14.5 billion; Poly Development ranked second with RMB 13.7 billion; Greentown China, China Merchants Shekou, and China Resources Land recorded monthly sales in the range of RMB 12.3 billion to RMB 13.5 billion. Approximately 40% of the top 100 developers achieved positive monthly sales growth, and among the top 50 developers, 22 saw year-on-year growth in July operational sales. Among them, Wuhan Urban Construction recorded the highest year-on-year growth of 413.6%, and China Construction Zhidi grew by 339.7%.

In terms of market transactions, the trends for new and second-hand homes continued to diverge. In 50 cities, cumulative new home transactions from January to July fell 9% year-on-year, with the decline narrowing by about 1 percentage point compared with the January-to-June period; second-hand home transaction area increased 11% year-on-year in the same period, with a gap of about 20 percentage points compared with the decline in new homes. In terms of product structure, high-end residential and affordable housing projects in core cities performed differently. In Hangzhou, the first launch of 66 river-view units at Binjiang Jianfa Jinmao Wangtianji sold out within three hours, with total sales of approximately RMB 3.36 billion; in Shenzhen, China Resources Merchants Guanchao launched 106 panoramic sea-view residences in its third batch, with about 70% sold, and cumulative sales from three launches exceeded RMB 10 billion. Shenzhen's affordable housing project Shanyuewan Garden recorded 1,246 transactions from January to July, ranking first in the city.

On the policy front, multiple central-level deployments were implemented in July 2026. On July 30, the Political Bureau of the CPC Central Committee held a meeting, with "stabilizing the real estate market" becoming the policy tone for the second half of the year, and real estate was included in the scope of "effectively building a safety barrier."