China’s 100 major property developers’ spending on land tumbled 53% on year in Jan – Aug, average home sales fell over 46% – research
DATA VIEWS & ANALYSIS
China’s 100 major property developers’ spending on land tumbled 53% on year in Jan – Aug, average home sales fell over 46% – research
DATA VIEWS & ANALYSIS

China’s 100 major property developers’ spending on land tumbled 53% on year in Jan – Aug, average home sales fell over 46% – research

 

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China’s top 100 property developers spent 881.6 billion yuan on land acquisitions in the first eight months of the year, a decline of 53.3% from the same period last year, according to a report from the China Index Academy. The drop narrowed by 2.3 percentage points from that in the first seven months of the year, improving for the third consecutive month.

Three state-owned developers – Poly Developments and Holdings Ltd, China Resources Land and China Merchant Shekou Industrial Zone Holdings Co ranked the top land buyers during the period, with spending on land amounting to 152.8 billion, 136 billion yuan and 121.1 billion yuan, respectively, showed the data.

The top ten property developers’ land acquisitions reached a total of 913.9 billion yuan, accounting for 37.2% of the total amount for the top 100 homebuilders, according to the data.

Separate data from the China Index Academy showed that China’s top 100 developers’ average home sales by value reached 47.76 billion yuan in the first eight months of the year, sliding 46.2% from the same period last year earlier, narrowing by 1.1 percentage point from the period of January – July.

“Developers’ sales remained significantly lower than a year earlier and the drop in August didn’t show notable improvements, indicating that the market still lacks vitality and confidence,” said Liu Shui, head of the corporate research unit of the China Index Academy.

Among the 100 property developers, 10 companies saw sales in the first eight months exceed 100 billion yuan, significantly lower than 24 companies a year earlier, and 96 companies saw sales exceed 10 billion yuan, compared to 144 a year earlier, showed the data.

Country Garden, China Vanke and Poly Developments and Holdings ranked the top three home sellers during the period, with sales of 320.7 billion yuan, 279 billion yuan and 278.1 billion yuan, respectively.