BUSINESS

China’s Property Slump Knocks Half of Top Developers off Key Ranking

Published: Jan. 5, 2026 3:52 p.m. GMT+8

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File photo shows a Poly Real Estate development in Nantong, Jiangsu province. Photo: VCG

Only 53 of China’s major real estate developers have managed to retain places in the top 100 sales rankings over the past five years, according to a newly published report, underscoring the severity of a prolonged sector slump that has fundamentally reshaped the industry.

According to a research report released by the China Index Academy last week, 47 firms that entered the list in 2021 failed to maintain their positions through 2025.

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Only 53 of China’s top 100 real estate developers retained their rankings from 2021 to 2025, amid an industry slump.
Developers with annual sales over 100 billion yuan dropped from 41 in 2021 to 10 in 2025, with state-owned firms now dominating the sector.
Most firms now focus on stabilizing cash flow and risk control, while the market remains contracted and highly competitive.

AI generated, for reference only

Who’s Who

Poly Developments and Holdings Group Co. Ltd.: Poly Developments and Holdings Group Co. Ltd. (600048.SH) is one of the top 10 real estate developers in China for 2025. This state-owned enterprise is among the companies that have maintained their top rankings during a prolonged slump in the real estate sector. These leading firms have focused on major cities and housing upgrades to retain their positions.

Greentown China Holdings Ltd.: Greentown China Holdings Ltd. (绿城中国控股有限公司) is one of the top 10 developers in China as of 2025. It is a state-owned enterprise, highlighting the shift towards state-backed dominance in the country's real estate sector. Together with other leading firms, it has maintained its position by focusing on major cities and targeting demand for housing upgrades.

China Overseas Land & Investment Ltd.: China Overseas Land & Investment Ltd. is listed among the top 10 developers in China for 2025. This company is a state-owned enterprise, reflecting the trend of state-backed dominance in the current market. These leading firms have maintained their positions by focusing on major cities and targeting demand for housing upgrades.

China Resources Land Ltd.: China Resources Land Ltd. is one of the top 10 developers in 2025. This company is state-owned and has maintained its position by focusing on major cities and targeting demand for housing upgrades, illustrating the trend toward state-backed dominance in the market.

China Merchants Shekou Industrial Zone Holdings Co.Ltd.: China Merchants Shekou Industrial Zone Holdings Co.Ltd. (001979.SZ) is one of the top 10 developers in China in 2025. This company has managed to retain its position in the top rankings, showcasing its resilience amidst a challenging market. Its continued success indicates a focus on major cities and targeting demand for housing upgrades.

China Vanke Co.Ltd.: China Vanke Co. Ltd. (**000002.SZ**) is listed as one of the top 10 real estate developers in 2025. This indicates that despite the prolonged slump in China's real estate sector, the company has managed to maintain a prominent position within the industry.

Xiamen C&D Inc.: Xiamen C&D Inc. (600153.SH) is one of the top 10 real estate developers in China by sales in 2025. It is a state-owned company, reflecting the increasing dominance of such firms in the Chinese property market. These leading firms have maintained their positions by focusing on major cities and targeting demand for housing upgrades.

China Jinmao Holdings Group Ltd.: China Jinmao Holdings Group Ltd. is identified as one of the top 10 real estate developers in 2025. This indicates its strong performance and resilience in a challenging market, especially as many other developers have fallen out of the top rankings. As a state-backed entity, it likely benefits from the trend of state-owned dominance in the industry.

Yuexiu Property Co. Ltd.: Yuexiu Property Co. Ltd. is one of the top 10 real estate developers in China for 2025. This company is state-owned and has maintained its position by focusing on major cities and targeting demand for housing upgrades.

Hangzhou Binjiang Real Estate Group Co. Ltd.: Hangzhou Binjiang Real Estate Group Co. Ltd. (002244.SZ) is one of the top 10 developers in 2025. It is notable for being the sole private developer among this top decile, highlighting the increasing dominance of state-backed companies in the real estate sector. The company's resilience is attributed to its strategy of focusing on major cities and addressing the demand for housing upgrades.

Longfor Group Holdings Ltd.: Longfor Group Holdings Ltd. is a private developer that survived the prolonged real estate slump. They shifted their strategy from "scale-first" to "survival-first," deliberately slowing expansion to prioritize cash flow safety.

Midea Real Estate Holding Ltd.: Midea Real Estate Holding Ltd. is a private developer that has managed to survive the prolonged slump in China's real estate sector. The company has shifted its strategy from "scale-first" to "survival-first," prioritizing cash flow safety over aggressive expansion. This approach has allowed it to remain a significant player despite the industry's significant reshuffling and increased state-backed dominance.

China Evergrande Group: China Evergrande Group (中国恒大集团) is mentioned as one of the 47 developers that fell out of the top 100 sales rankings between 2021 and 2025. Its fading from the rankings is attributed to liquidity crunches that severely impacted its ability to deliver homes.

AI generated, for reference only

What Happened When

2021：: 47 developers entered the top 100 sales list.

2021：: The number of developers generating annual sales exceeding 100 billion yuan was 41.

2021：: The total sales area reached 1.79 billion square meters and sales value hit 18.19 trillion yuan.

After 2021：: The real estate market entered a sustained downward spiral following its peak.

2024：: Part of the time frame when only 30 developers ranked in both the top 100 for sales and land acquisitions (the other year is 2025).

2024 and 2025：: Only 30 developers ranked in both the top 100 for sales and land acquisitions.

As of 2025：: Only 10 developers generated annual sales exceeding 100 billion yuan.

2025：: Only 53 of China’s major developers remained in the top 100 sales rankings over the past five years.

By 2025：: 47 firms that entered the top 100 list in 2021 failed to maintain their positions through 2025.

2025：: Top 10 developers included Poly Developments, Greentown, China Overseas Land & Investment, China Resources Land, China Merchants Shekou, China Vanke, Xiamen C&D, China Jinmao, Yuexiu Property, and Hangzhou Binjiang Real Estate.