Chinese Developers’ Losses Mount, Assets Shrink
Listen to the full version
The financial health of China’s property developers is deteriorating, with shrinking assets and widening losses underscoring the severity of the industry’s multiyear downturn, a recent report showed.
The combined assets of 33 sample developers listed on the Chinese mainland fell 11% year-on-year to 7.7 trillion yuan ($1.06 trillion) in the third quarter of 2025, according to a report by GF Securities Co. Ltd. The decline marks a steeper drop from the 10.4% contraction recorded in 2024.
The decline began in 2022 and has since expanded each year. A more telling sign of this trend is the 15.6% year-on-year drop in their combined net assets. Among the 33 companies, only six posted year-on-year asset growth.
Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.
Subscribe to both Caixin Global and The Wall Street Journal — for the price of one.
- RELATED
- DIGEST HUB
Digest Hub
Back
- The combined assets of 33 major Chinese property developers fell 11% year-on-year to 7.7 trillion yuan in Q3 2025, with only six firms reporting asset growth.
- Developers posted a net loss of 60.7 billion yuan in the first three quarters of 2025, with asset impairment losses up 66.3% year-on-year.
- Industry recorded eight consecutive quarters of net losses, although positive net operating cash flow reached 29.97 billion yuan in early 2025.
- GF Securities Co. Ltd.
- GF Securities Co. Ltd. published a report indicating that the combined assets of 33 sample Chinese mainland-listed developers fell by 11% year-on-year to 7.7 trillion yuan in the third quarter of 2025. This marks a steeper drop compared to the 10.4% contraction seen in 2024. The report highlights the deteriorating financial health of China's property developers.
- PODCAST
- MOST POPULAR
Sign in with Google
Sign in with Facebook
Sign in with 财新