BUSINESS

Top Chinese Developers’ First-Quarter Sales Drop 23%

Published: Apr. 3, 2026 4:49 p.m. GMT+8

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Potential buyers examine real estate models at a sales center in Taiyuan, Shanxi province. Photo: VCG

Sales by China’s top 100 real estate developers plunged roughly 23% year-on-year to 620.9 billion yuan ($90 billion) in the first quarter of 2026, underscoring persistent weakness in the country’s housing market.

The prolonged slump in new home sales contrasts with a nascent rebound in the existing home market of major cities like Beijing and Shanghai, where falling prices and a narrowing gap between rental yields and mortgage costs are luring genuine buyers back.

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Explore the story in 30 seconds

China’s top 100 developers’ Q1 2026 sales fell 23% YoY to 620.9B yuan ($90B), 1/5 of 2021 levels; March sales surged 127% MoM.
Existing home sales in 20 cities rose 119% MoM to 148K units; Shanghai +6.4% YoY (31,215 units), Beijing >19K.
Falling prices, rental yields at 2.3% (near 2.4-2.7% mortgages) aid rebound; CIA sees narrowing declines ahead.

AI generated, for reference only

Who’s Who

China Index Academy: China Index Academy (CIA) provides real estate data, reporting Q1 2026 sales by top 100 developers at 620.9 billion yuan. Analysts Zheng Juntong, Cheng Yu (Shanghai deputy GM), and Zhao Zhansheng commented on secondary market surges in Beijing/Shanghai. CIA expects narrowing sales declines in 2026.

AI generated, for reference only