China's top 100 property developers' Q1 sales drop 23% YoY

Source: Mysteel Apr 07, 2026 15:45

Since the beginning of 2026, second-hand housing transactions in China's core cities have shown increased activity, though this momentum has yet to transmit to the new-home market. Data released by the real estate research firm China Index Academy indicates that the top 100 developers recorded total sales of Yuan 620.9 billion ($90.4 billion) in Q1, representing a year-on-year decline of 23% and amounting to just 20% of the level seen in the same period of 2021.

Historical data from the Academy shows that Q1 sales among the top 100 developers totaled Yuan 3.078 trillion, 1.626 trillion, 1.759 trillion, 897.8 billion, and 810.1 billion from 2021 through 2025, respectively. Over this five-year period, only Q1 of 2023 recorded a modest year-on-year rebound, driven by the rapid