Top 100 Real Estate Companies in China Saw 41% Sharp Decline in Sales Last Year

[Image source=Yonhap News]

[Asia Economy Reporter Kim Min-young] Sales of the top 100 Chinese real estate developers dropped sharply by 41.3% compared to the previous year.

According to the South China Morning Post (SCMP) on the 4th, China real estate research institute China Index Academy (CIA) revealed in its 2022 year-end report that "the market downturn in 2022 became more evident, and real estate developers faced various levels of pressure on sales."

The report stated that the market share of the top 100 housing developers, including Country Garden (Biguoyuan), Baoli, and Vanke (Wanke), fell by 12.3% from the previous year to 39.3% last year.

It added, "Now, the Chinese real estate industry has entered a stage of survival of the fittest as the gap between the top 10 and the bottom 50 among the 100 companies has widened," noting that the top 10 companies earned an average of 310.7 billion yuan each, while the bottom 50 earned an average of 27.6 billion yuan.

The company with the highest sales last year was Country Garden (464.3 billion yuan), followed by Baoli (440 billion yuan) and Vanke (417.2 billion yuan).

The report explained that only 20 companies recorded sales exceeding 100 billion yuan last year, which is about half the number (41 companies) from the previous year.

This content was produced with the assistance of AI translation services.