Concentration at the Top Intensifies
China's 100 largest property developers recorded combined sales of 1.804 trillion yuan in the first seven months of 2026, according to the China Index Academy (中指研究院), with the year-on-year decline narrowing for the fifth consecutive month — a 0.6 percentage-point improvement over the H1 2026 figure. The gradual improvement reflects sustained market vitality in core cities combined with a low-base effect from the same period last year.
Five Developers Cross the 100-Billion-Yuan Threshold
Among the top performers, Poly Development, China Overseas Land & Investment (COLI) and China Resources Land (CR Land) led the pack with full-calibre sales of approximately 1,500 billion yuan, 1,494.6 billion yuan and 1,306 billion yuan respectively. China Merchants Shekou and Greentown China also entered the "100-billion-yuan club," posting sales of 1,098.6 billion yuan and 1,070 billion yuan respectively. The number of developers with full-calibre sales above 100 billion yuan remained at five — the same as the same period last year — while the number of developers exceeding 10 billion yuan in sales fell by 10 to 39, highlighting persistent tier separation in the sector.
COLI Extends its Lead in Equity Sales
Looking at equity-based sales, COLI topped the rankings at 1,375.1 billion yuan, ahead of Poly Development at 1,182 billion yuan — a gap of 192.1 billion yuan. COLI's cumulative YoY growth reached 13.3%, making it the standout performer among major developers. CR Land, China Merchants Shekou and China Jinmao also recorded positive YoY growth in cumulative equity sales, underlining their competitive strength in a consolidating market.
Policy Support and Sector Outlook
The narrowing decline in developer sales reflects the cumulative effect of policy support — including lower mortgage rates, reduced down payments and government 'white-list' project financing — combined with improved buyer sentiment in cities such as Shanghai, Shenzhen and Hangzhou, where so-called "sunrise" developments continued to sell out. Analysts caution, however, that July is traditionally a slower month for property transactions, and that a durable recovery in developer finances will require continued sales momentum through the traditionally busier autumn season.