CRIC Real Estate Research: The overall performance of China's real estate market in March remains at a low level, continuing the trend of stabilization after a period of decline.

, according to Ke Rui Real Estate Research, the performance of the top 100 real estate companies in March increased by 68.9% compared to the previous month. In March 2025, the overall Chinese real estate market remained at a low level, continuing the trend of stabilizing after a decline. In March, the top 100 real estate companies achieved a sales turnover of 317.76 billion yuan, an increase of 68.9% compared to the previous month, and a decrease of 11.3% year-on-year, with the monthly performance scale remaining at a historical low. In March 2025, the sales thresholds of the top 100 real estate companies were lowered. Among them, the sales turnover thresholds of the top 20 and top 30 real estate companies decreased by 4.3% and 2% year-on-year to 9 billion and 5.34 billion yuan respectively. The thresholds for the top 50 and top 100 real estate companies decreased by 5.7% and 4.3% respectively to 3.09 billion and 1.24 billion yuan. In terms of company performance, in March 2025, the monthly performance of the top 100 real estate companies improved compared to the previous month, mainly driven by the top 30 real estate companies. Poly Developments and Holdings Group, GREENTOWN CHINA, YUEXIU PROPERTY, CHINA JINMAO, and other real estate companies performed well, achieving positive growth in both monthly and year-on-year performance. However, overall, nearly 70% of the top 100 real estate companies saw a decrease in monthly performance compared to the previous month, mainly concentrated in the top 31-50 and top 51-100 tiers. Key monitored companies continue to increase their land acquisition efforts. In March, the total monthly investment of the 30 key monitored real estate companies reached nearly 82.3 billion yuan, an increase of 6.9% compared to the previous month and an increase of 153% year-on-year. Among them, China Overseas Land & Investment, GREENTOWN CHINA each acquired land worth over 15 billion yuan, and Jianfa Real Estate actively participated in auctions in Hangzhou and Chengdu, acquiring land worth over 9 billion yuan. The land acquisition area of the 30 companies was 3 million square meters, a decrease of 2% compared to the previous month but an increase of 157% year-on-year. In the context of frequent occurrences of "land kings" in core cities, the average price of traded floor space in March increased by 9% to a high of 27,372 yuan per square meter. The top 10 sales leaders led the first quarter's land investment. The top 10 sales companies were the most active in land acquisition, with a total land acquisition amount of nearly 177.5 billion yuan in the first quarter, an increase of 162% year-on-year. Eight companies ranked among the top 10 in land acquisition amount, continuing in the past two years their investment strategy of adding quality land in core cities. The heat of key land auctions remains sustainable, and investment concentration will continue to increase. From January to March 2025, the land market showed significant differentiation. The premium rates for land transactions in first-tier cities such as Beijing, Shanghai, Hangzhou, and Chengdu continued to rise, with prime quality land in core locations frequently being sold at high premium prices, driving market heat and attention back to an upward trend. However, it is worth noting that this round of market recovery shows significant structural features, with third and fourth-tier cities still experiencing a contraction in both volume and price, indicating insufficient momentum for market recovery, and substantive improvement will still depend on the restoration of regional economic fundamentals and continuous policy support. From the perspective of real estate companies, leading real estate companies continue to strengthen their strategic land reserves in high-quality cities, with an increasing number of companies participating in bids for key land parcels and fierce competition in bidding prices. Market concentration continues to differentiate further, with top real estate companies and central state-owned enterprises accelerating the optimization of their land reserves due to their financial advantages, while small and medium-sized real estate companies continue to shrink their investment radius due to liquidity pressures. This investment pattern is expected to drive the continuous aggregation of high-quality land resources to top companies, potentially entering a new cycle of industry consolidation. Total financing: In March 2025, the total financing of 65 typical real estate companies was 25.111 billion yuan, an increase of 16.3% compared to the previous month and a decrease of 53.9% year-on-year. Looking at the cumulative data for the year, the total financing of the 65 typical real estate companies was 79.684 billion yuan, a decrease of 39.1% year-on-year. In terms of financing structure, domestic debt financing for real estate companies in this month was 179.3 billion yuan, an increase of 2.8% month-on-month but a decrease of 54.8% year-on-year; overseas debt financing was 66.79 billion yuan, an increase of 83.5% month-on-month and 3% year-on-year; asset securitization financing was 5.01 billion yuan, unchanged month-on-month but a decrease of 94% year-on-year. Financing costs: From January to March 2025, the average cost of new bond financing for the top 65 typical real estate companies was 3.36%, an increase of 0.43 percentage points compared to 2024. Among them, the cost of overseas bond financing was 8.45%, an increase of 4.27 percentage points compared to 2024, while the cost of domestic bond financing was 2.92%, an increase of 0.01 percentage points compared to 2024. Looking at the monthly data, no companies issued bonds overseas this month. Since the companies that issued bonds domestically were mainly state-owned enterprises such as Shoukai, China Communications Construction, Grandjoy Holdings Group, the cost of domestic bond financing rose by 0.42 percentage points to 3.11%, remaining at a low level overall.