China’s Property Rally Fizzles After September Rebound
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For the first nine months of 2025, cumulative sales by the top 100 developers fell 11.8% year-on-year to 2.3 trillion yuan
China’s leading property developers posted their first simultaneous monthly and annual sales gains this year in September, but a sharp decline during the subsequent Golden Week holiday shows the market’s recovery remains fragile.
The top 100 real estate firms logged 252.8 billion yuan ($35.5 billion) in contracted sales last month, up 22.1% from August and 0.4% from a year earlier, data from China Real Estate Information Corp. (CRIC) showed.
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- China’s top 100 developers saw September 2025 sales rise 22.1% month-on-month and 0.4% year-on-year to 252.8 billion yuan.
- Golden Week home subscriptions in 22 cities dropped 33% year-on-year and 38% from September; national figures remained weak.
- Cumulative sales for January–September 2025 fell 11.8% year-on-year; policy easing boosted some cities but recovery is fragile and uneven.
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Who’s Who
- China Real Estate Information Corp.
- China Real Estate Information Corp. (CRIC) is a data provider that monitors China’s property market. CRIC reported that the top 100 real estate firms logged 252.8 billion yuan in contracted sales in September, and it also highlighted the quick fade of this momentum during the subsequent Golden Week holiday.
- China Index Academy
- The China Index Academy is a research institute focusing on the real estate market. The article cites their data on new home sales in major Chinese cities, particularly highlighting the impact of policy easing. Researchers from the academy, including Wang Jianzi and Tao Shuru, provide analysis and insights into the market's performance and trends.
- Linping Residential Big Data Research Institute
- The Linping Residential Big Data Research Institute reported significant year-on-year drops of over 50% in new home subscriptions during the holiday period in several Chinese cities, including Suzhou, Dongguan, Wenzhou, and Jinan. This data highlights the overall cool performance of the property market during the holiday.
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What Happened When
- September 26, 2024：
- A major policy was rolled out following a Politburo meeting, calling for stabilizing and reviving the real estate market.
- October 2024：
- Stimulus drove contracted sales of the top 100 property developers to 435.5 billion yuan, up 73% month-on-month and 7.1% year-on-year.
- Since August 2025：
- Beijing, Shanghai, and Shenzhen relaxed purchase curbs, leading to year-on-year increases in average daily new home sales during the holiday.
- September 2025：
- China’s top 100 property developers posted their first simultaneous monthly and annual sales gains of the year, with contracted sales reaching 252.8 billion yuan, up 22.1% from August 2025 and 0.4% from September 2024.
- October 1-8, 2025：
- During the National Day holiday, new home subscriptions in 22 key Chinese cities fell 33% year-on-year and 38% from September 2025.
- By October 9, 2025：
- CRIC released data confirming the significant Golden Week holiday sales decline.
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