Major Chinese property developers see rising sales

BEIJING (XINHUA) – Leading Chinese real estate developers saw robust annual sales in 2019 amid slower growth in the industry, Shanghai Securities News reported yesterday.

The total contracted sales of the top 30 property developers reached CNY5.74 trillion, with the contracted sales of the top four enterprises all exceeding CNY550 billion.

China Vanke Co Ltd, one of the country’s biggest property developers, said its annual contracted sales totalled CNY630.84 billion, while Country Garden, another property giant, reported its contracted sales attributable to the company’s shareholders amounted to CNY552.2 billion, up 10.03 per cent year on year.

Last year, Sunac China’s sales rose 21 per cent to CNY556.21 billion due to its abundant inventory, and China Evergrande Group surpassed its annual sales target of CNY600 billion.

Despite the robust sales posted by major firms, the real estate sector as a whole saw a lower growth rate, with that of the top 100 real estate enterprises standing at 6.5 per cent in 2019, down from 50.8 per cent in 2016.

China’s real estate market remained healthy in 2019 thanks to the central government’s continued efforts to stabilise land prices and home prices, said General Manager of China Real Estate Information Corp Lin Bo.

China’s investment in property development grew 10.2 per cent year on year in the first 11 months of 2019 to CNY12.13 trillion, according to the National Bureau of Statistics.