China's top 100 property developers recorded total sales of 1.804 trillion yuan in the first seven months of 2026, with the year-on-year decline narrowing for the fifth consecutive month, according to a research note from China Securities (Zhongjin Securities) citing China Index Academy data.
Continuous Improvement
The 1-7 month sales figure represents a year-on-year decline that narrowed by 0.6 percentage points compared with the 1-6 month period. The improving trajectory suggests the sector is gradually bottoming out after more than four years of adjustment.
State-owned developers continued to outperform their private-sector peers. China Overseas Land & Investment and China Resources Land led the rankings, benefiting from stronger financing channels and greater land acquisition capacity in prime markets.
Land Acquisition Shows Signs of Recovery
The research note also highlighted that the decline in land acquisition by top developers narrowed during the period, with state-owned enterprises accounting for the majority of purchases in tier-1 cities including Beijing, Shanghai, and Guangzhou.
Recent high-profile auctions, including China Overseas' record 8.399 billion yuan acquisition in Beijing's Guangqu Road area, illustrate the renewed willingness of well-capitalized developers to replenish land banks in premium locations.
Outlook for H2
Analysts expect the stabilization trend to continue in the second half, supported by the Political Bureau's July 30 directive to stabilize the real estate market, ongoing purchase subsidy programs in more than 90 cities, and expectations of further policy easing including potential rate cuts.