Mid-finger Research Institute: The total sales of the top 100 real estate enterprises from January to March were 810.1 billion yuan, a decrease of 9.8% year-on-year.

The data released by the China Real Estate Research Institute shows that in the first quarter of 2025, the total sales of the top 100 real estate companies amounted to 810.1 billion yuan, a year-on-year decrease of 9.8%. In March alone, the sales of the top 100 real estate companies decreased by 10.6% year-on-year. In the first quarter, there were 17 real estate companies with sales exceeding 10 billion yuan, 4 fewer than the same period last year, and 38 real estate companies with sales exceeding 5 billion yuan, 2 fewer than the same period last year. The equity sales amount of the top 100 real estate companies was 585.54 billion yuan, with an equity sales area of 29.76 million square meters. Figure: Average cumulative sales and growth rate of the top 100 real estate companies from January 2022 to March 2025 Data source: CRIC Real Estate Information Services (CREIS) Figure: Monthly sales of the top 100 real estate companies from January 2021 to March 2025 (unit: billion yuan) Data source: CRIC Real Estate Information Services (CREIS) Note: The sales amount analyzed in the text, unless otherwise specified, refers to the overall sales amount. In the first quarter of 2025, the sales of real estate companies in each camp all declined. Among them, the average sales of the top 10 real estate companies was 39.81 billion yuan, a decrease of 7.2% from the previous year; the average sales of the top 11-30 real estate companies was 10.06 billion yuan, a decrease of 12.4% from the previous year; the average sales of the top 31-50 real estate companies was 4.74 billion yuan, a decrease of 11.0% from the previous year; the average sales of the top 51-100 real estate companies was 2.32 billion yuan, a decrease of 12.5% year-on-year. Figure: Growth of sales for each camp from January to March 2025 Data source: CRIC Real Estate Information Services (CREIS) Camp quantity: 17 companies with sales exceeding 10 billion yuan Figure: Number of companies with sales exceeding 10 billion and 5 billion from January to March each year from 2022 to 2025 Data source: CRIC Real Estate Information Services (CREIS) In the first quarter of 2025, the number of companies in multiple camps changed. Specifically, there were 17 companies in the camp with sales exceeding 10 billion yuan, 4 fewer than the same period last year, with an average sales amount of 29.33 billion yuan. There were 21 companies in the second camp (50-100 billion), 2 more than the same period last year, with an average sales amount of 6.80 billion yuan. There were 22 companies in the third camp (30-50 billion), 3 fewer than the same period last year, with an average sales amount of 3.93 billion yuan. There were 40 companies in the fourth camp (below 30 billion), 5 more than the same period last year, with an average sales amount of 2.06 billion yuan. Table: Number and average sales amount of companies in each camp of the top 100 real estate companies in the first quarter of 2025 Data source: CRIC Real Estate Information Services (CREIS) Hot-selling projects: Real estate companies achieve rapid turnover of projects by creating "good houses" In March 2025, the government work report of the two sessions included "stabilizing the real estate market" as a key requirement for the first time, and "continuously pushing for the stabilization of the real estate market" remains a core policy goal. In the first quarter, the central government and various regulatory agencies continued to release signals for "stabilizing the real estate market," and various supporting policies continued to be introduced and implemented. From the market performance perspective, many projects were hot-selling, even experiencing "daylight" sales, which is a good indicator for market recovery. Table: Situation of hot-selling real estate projects since 2025 Currently, most hot-selling projects are concentrated in first-tier and second-tier hotspots and core areas. The optimization of policies in high-energy level cities is continuously increasing, with Guangzhou fully lifting the purchase restrictions, and Beijing, Shanghai, and Shenzhen implementing multiple rounds of optimizations and relaxations of purchase and loan restrictions. Purchase and loan policies in core second-tier cities have been fully relaxed. Under the favorable policies, coupled with the launch of a number of well-located and well-equipped land parcels in the past two years, real estate companies are quickly pushing for the opening of projects and seizing the opportunity to quickly turn over properties. For example, Poly Bloom Palace in Chengdu is located in the Chaohua area of West 2.5 Ring Road, with superior location, mature surrounding living facilities, and very limited new housing supply in the area, leading to rapid sales after the project was introduced to the market multiple times. In recent years, the Ministry of Housing and Urban-Rural Development has repeatedly emphasized that "good houses" should have characteristics such as green, low-carbon, smart, and safe. The government work report this time also emphasized the need to "improve standards and promote the construction of safe, comfortable, green, and smart 'good houses'". Real estate companies are following the trend of "good houses" policy orientation, and many hot-selling projects are improvement-oriented and high-end projects, achieving rapid turnover through product quality improvement. For example, Beijing's Wangyun at Andeyue uses a combination of glass, aluminum panels, and local stone materials, with multiple artistic living scenes planned for the community, meeting the diverse living needs of improvement-oriented customers in terms of products and living scenes. Hangzhou's Jianfa Yunhu City is positioned as a high-end improvement community, the first national-level low-carbon ecological grand city, attracting more consumers. Poly Bloom Palace in Chengdu, as Poly's flagship project in the Tianzi series, is positioned as high-end, innovating the "Floating Light Island Academy" and creating "Sky-yard-style large flats", upgrading the improvement products, with actual area exceeding 100%, winning broad market recognition in terms of product value ratio. Outlook: Short-term core city transaction volume expected to continue recovery In terms of policies, "stabilizing the real estate market" is still the core goal of this year's real estate policy. The government work report of the two sessions for the first time included "stabilizing the real estate and stock market" in the overall requirements, and once again emphasized the need to "continue to push for the stabilization of the real estate market", with a comprehensive deployment of various real estate policies in the report. From the market performance perspective, since the fourth quarter of last year, the sales volume of new houses in key cities has continued to recover for two consecutive quarters, and second-hand housing transactions have shown significant growth, indicating some success in "stabilizing the real estate market". With the accelerated implementation of various policies, it is expected that the transaction volume in core cities will continue to recover in the short term, and first-tier and core second-tier cities are expected to be the first to "stabilize the market".