According to Zhitong Finance APP, CRIC Real Estate Research indicates that the performance of the top 100 real estate companies increased by 68.9% month-on-month in March. In March 2025, the overall Chinese real estate market continued to operate at a low level, maintaining a trend of stabilization after a decline. In March, the TOP 100 real estate companies achieved a sales turnover of 317.76 billion yuan, a month-on-month increase of 68.9% and a year-on-year decrease of 11.3%, with the monthly performance scale remaining at a historical low.
<img src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250405/1743824057385504.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250405/1743824057385504.png"/>
<img src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250405/1743824057657245.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250405/1743824057657245.jpeg"/>
In March 2025, the sales thresholds for each tier of the top 100 real estate companies decreased. Among them, the sales turnover thresholds for the TOP 20 and TOP 30 real estate companies decreased by 4.3% and 2% year-on-year to 9 billion yuan 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% year-on-year to 3.09 billion yuan and 1.24 billion yuan, respectively.
<img src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250405/1743824080129854.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="IMG_0827.png" original-src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250405/1743824080129854.png"/>
From the performance of the companies, the month-on-month performance of the top 100 real estate companies in March 2025 was mainly driven by the TOP 30 companies. Among them, Poly Developments, Greentown China, Yuexiu Property, and CHINA JINMAO performed well, achieving positive growth both month-on-month and year-on-year. However, overall, nearly 70% of the top 100 real estate companies experienced a month-on-month decline in performance in March, concentrated in the TOP 31-50 and TOP 51-100 tiers.
<img src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250405/1743824288644815.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="IMG_0828.png" original-src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250405/1743824288644815.png"/>
The land acquisition efforts of key monitored enterprises continue to recover. In March, the monthly investment amount (full caliber) of 30 key monitored real estate companies approached 82.3 billion yuan, a month-on-month increase of 6.9% and a year-on-year increase of 153%. Among them, China Overseas Land &amp; Investment and Greentown China acquired land exceeding 15 billion yuan in a single month, while Jianfa Real Estate actively participated in auctions in Hangzhou and Chengdu, acquiring land exceeding 9 billion yuan in a single month; the 30 companies acquired a land area of 3 million square meters, a month-on-month decrease of 2% and a year-on-year increase of 157%. With the frequent appearance of &#34;land kings&#34; in core cities, the transaction floor price in March increased by 9% month-on-month to a high of 27,372 yuan per square meter
Sales TOP10 leads the land investment in the first quarter. The Sales TOP10 were the most active in land acquisition, with a total land acquisition amount (full caliber) of nearly 177.5 billion yuan in the first quarter, a year-on-year increase of 162%. Among them, 8 companies ranked in the TOP10 for land acquisition amount, continuing the investment strategy of increasing quality land in core cities over the past two years.
The heat of key land auctions can still be maintained, and investment concentration will continue to rise. From January to March 2025, the land market still showed significant differentiation characteristics. The land transaction premium rates in first-tier cities and strong second-tier cities represented by Beijing, Shanghai, Hangzhou, and Chengdu continued to rise, with high premium transactions frequently occurring in quality plots in core locations, pushing market heat and attention back into an upward channel. However, it is worth noting that the current market recovery shows obvious structural characteristics, with third and fourth-tier cities still experiencing year-on-year declines in both volume and price, and the market recovery momentum is insufficient, requiring substantial improvement to rely on the restoration of regional economic fundamentals and the continuity of policy support.
From the perspective of real estate companies, leading real estate firms continue to strengthen their strategic accumulation of quality land resources in high-energy cities, with an increase in the number of companies participating in key plot auctions and intense bidding competition. Market concentration is further differentiated, with leading real estate firms and state-owned enterprises accelerating the optimization of land reserves based on their funding advantages, while small and medium-sized real estate firms are constrained by liquidity pressures and continue to shrink their investment radius. This investment pattern is expected to drive quality land resources to continue concentrating in leading enterprises, and the industry concentration may enter a new round of enhancement cycle.
<img src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250405/1743824403241903.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="IMG_0829.jpeg" original-src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250405/1743824403241903.jpeg"/> Total financing: In March 2025, the total financing of 65 typical real estate companies was 25.111 billion yuan, a month-on-month increase of 16.3% and a year-on-year decrease of 53.9%. From the cumulative data for the year, the cumulative financing total of the 65 typical real estate companies was 79.684 billion yuan, a year-on-year decrease of 39.1%. In terms of financing structure, domestic bond financing for real estate companies this month was 17.93 billion yuan, a month-on-month increase of 2.8% and a year-on-year decrease of 54.8%; overseas bond financing was 6.679 billion yuan, a month-on-month increase of 83.5% and a year-on-year increase of 3%; asset securitization financing was 501 million yuan, remaining flat month-on-month and decreasing 94% year-on-year.
<img src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250405/1743824442302509.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="IMG_0831.png" original-src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250405/1743824442302509.png"/>
Financing costs: From January to March 2025, the new bond financing cost for 65 typical real estate companies was 3.36%, an increase of 0.43 percentage points compared to 2024, with the cost of overseas bond financing at 8.45%, an increase of 4.27 percentage points compared to the whole of 2024, and the cost of domestic bond financing at 2.92%, an increase of 0.01 percentage points compared to the whole of 2024
In terms of the month, there were no corporate overseas bond issuances this month. Since the companies issuing bonds domestically are mainly state-owned enterprises such as Shoukai, China Communications Construction, and Joy City, the domestic bond financing cost increased by 0.42 percentage points month-on-month to 3.11%, remaining at a low level overall.
<img src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250405/1743824461831729.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="IMG_0830.png" original-src="https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250405/1743824461831729.png"/>

00817

According to the CRIC real estate research report, the overall Chinese real estate market will remain at a low level in March 2025, with the performance of the top 100 real estate companies increasing by 68.9% month-on-month. The sales amount of the TOP 100 real estate companies reached 317.76 billion yuan, with the monthly performance scale still at a historical low. Although nearly 70% of companies experienced a month-on-month decline in overall performance, the TOP 30 real estate companies performed well, achieving positive growth in monthly performance. The land acquisition efforts of key monitored companies continue to recover, with 30 real estate companies' monthly investment amount approaching 82.3 billion yuan

Zhitong

CHINA JINMAO

GREENTOWN CHINA

YUEXIU PROPERTY

GRANDJOY

CRIC Real Estate Research: In March, China's real estate market continued to operate at a low level, maintaining a trend of stabilizing after a decline