China’s top 100 property developers’ sales reached 4.85 trillion yuan in the first nine months of the year, sliding 10.3% from a year earlier, widening by 1.7 percentage points from the drop in the Jan – Aug period, according to data released by the real estate research firm China Index Academy.
In September alone, the 100 property developers’ sales rose by 24.8% from the previous month, but sliding 24.1% from a year ago, showed the data.
In breakdown, the average sales of the top 10 property developers in Jan – Sept reached 209.6 billion yuan each, falling by 6.5% year over year; the top 11 – 30 property developers 65.95 billion yuan each, sliding 10%; the top 31 – 50 developers 32.34 billion yuan each, sliding 14.6%; the top 51 – 100 developers 15.76 billion yuan, falling 16.5%, showed the data.
Looking ahead, China’s property sales by floor area are expected to decline further from a year earlier in the fourth quarter, but at a slower pace, said Liu Shui, research director of the academy. “Some key cities are currently seeing housing market activities pick up, with the government’s supportive policy taking effects, and in the short term, the pickup in the core tier-one and tier-two cities is expected to last for a while,” he said.