Caixin
Oct 22, 2018 07:03 PM
ECONOMY

Real Estate Market Braces for Winter

The country's top real estate developers combined only achieved 53% of their revenue targets in the first quarter of 2018, down from 66% in 2017. Photo: VCG
The country's top real estate developers combined only achieved 53% of their revenue targets in the first quarter of 2018, down from 66% in 2017. Photo: VCG

“We are well and truly at the turning point,” Chairman Yu Liang told the staff of Hong Kong-listed property group, China Vanke Co. Ltd., back in September. He didn't mince his words. “Everything we do from now on must be focused on making sure that Vanke survives.”

As one of the titans of China's real estate industry, Yu's words sent a chill through the market. “If Vanke isn't strong enough to survive, what hope is there for other property developers,” a senior executive at a real estate company, who declined to be identified, told Caixin. But his comments merely confirmed what is already common knowledge in the industry: a cold winter has arrived.

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