BUSINESS

Premium City Focus Lifts COLI Past Poly in China Property Sales Race

Published: Sep. 2, 2026 2:13 a.m. GMT+8

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A construction site of a COLI project in Huai'an, Jiangsu province, on March 23, 2026. Photo: VCG

China Overseas Land & Investment Ltd. (COLI) displaced Poly Developments and Holdings Group Co. Ltd. as China’s top property developer by gross sales in the first eight months of 2026, taking the industry’s No. 1 position for the first time in years.

The change at the top of China’s battered real estate sector underscores the effectiveness of COLI’s tightly focused strategy. The company generated more sales revenue than its larger-volume rival despite selling nearly 30% less floor area, aided by higher-priced projects in top-tier cities.

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COLI overtook Poly as China's top developer by gross sales (Jan-Aug 2026): 165.5B yuan vs 165B yuan, ending Poly's long lead.
COLI won via pricing, not volume: sold 28.8% less floor area (5.1m vs 7.1m sqm) but averaged 29,600 yuan/sqm (~40% higher), focused on top-tier cities (68.6% sales from five markets).
Poly still leads in operational sales (151.8B vs 148.9B) and land buying (61.3B vs 22.6B), suggesting the race may shift again.

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Who’s Who

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What Happened When

2022：: Poly's gross sales exceeded COLI's by 144.8 billion yuan.

2024：: The gap in gross sales between COLI and Poly narrowed to 12.4 billion yuan; COLI added 177.7 billion yuan in new project value, leading the industry.

late 2024：: COLI acquired projects in Beijing and Shenzhen, which are now contributing to sales growth.

2025：: The gap narrowed to 1.8 billion yuan; COLI added 203.1 billion yuan in new project value, again leading the industry.

End of June 2026：: Poly reported an inventory balance of 630.5 billion yuan; renovation and rent-to-own programs generated 45.5 billion yuan in contracted sales in the first half of 2026.

First half of 2026：: 68.6% of COLI's sales came from Hong Kong, Beijing, Shanghai, Guangzhou, and Shenzhen; Beijing and Shenzhen contributed over 47.0 billion yuan. Poly's tier-one and tier-two cities accounted for 42% and 44% of sales, respectively.

First seven months of 2026：: COLI sold 5.1 million square meters (28.8% less than Poly's 7.1 million), with an average selling price of about 29,600 yuan per square meter, roughly 40% above Poly's 21,100 yuan.

By July 2026：: Poly maintained a slight lead over COLI in gross sales.

January through August 2026：: COLI posted 165.5 billion yuan in gross sales, narrowly ahead of Poly's 165 billion yuan.

August 2026：: COLI outsold Poly by about 1 billion yuan, erasing Poly's slight lead maintained through July 2026.

First eight months of 2026：: COLI led in gross and equity sales, while Poly led in operational sales (151.8 billion yuan vs. COLI's 148.9 billion yuan). Poly regained the lead in land acquisitions with 61.3 billion yuan in equity purchases; COLI fell to eighth place with 22.6 billion yuan.

By August 31, 2026：: China Index Academy released data showing COLI displaced Poly as China's top property developer by gross sales in the first eight months of 2026.

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