--- title: "KeLuoRui Real Estate Research: Monthly sales and financing are at low levels, leading real estate companies are still actively acquiring land" type: "News" locale: "en" url: "https://longbridge.com/en/news/239053847.md" description: "The April monthly report released by KeLui Real Estate Research shows that the overall Chinese real estate market remains at a low level, with the sales amount of the TOP 100 real estate companies at 284.68 billion yuan, a year-on-year decrease of 8.7%. Despite the sluggish sales, nearly half of the top 100 real estate companies saw year-on-year performance improvements, with some companies like C&D INC. and Huafa Properties performing outstandingly. The investment amount of the 30 monitored real estate companies increased by 6.5% month-on-month and rose by 99.6% year-on-year. The land acquisition amount of the TOP 10 sales real estate companies accounted for 70% of the top 100" datetime: "2025-05-07T06:58:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/239053847.md) - [en](https://longbridge.com/en/news/239053847.md) - [zh-HK](https://longbridge.com/zh-HK/news/239053847.md) --- # KeLuoRui Real Estate Research: Monthly sales and financing are at low levels, leading real estate companies are still actively acquiring land According to Zhitong Finance APP, on May 7th, CRIC Real Estate Research released the monthly report for real estate companies in April. It pointed out that in April 2025, the overall Chinese real estate market continued to operate at a low level, maintaining a trend of stabilization after a decline. In April, the TOP 100 real estate companies achieved a sales turnover of 284.68 billion yuan, a month-on-month decrease of 10.4% and a year-on-year decrease of 8.7%, with the monthly performance scale remaining at a historical low. ![Image](https://imageproxy.pbkrs.com/http://img.zhitongcaijing.com/images/contentformat/cc8b892d0b329f47a57f578327c16f8c.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) ![1e450cd685f8405176cdc54452722670.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250507/1746600507875958.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) 1. In April 2025, the sales thresholds for various tiers of the top 100 real estate companies showed some differentiation. Among them, the sales turnover threshold for the TOP 20 real estate companies decreased by 8.9% year-on-year to 11.26 billion yuan. The sales turnover thresholds for the TOP 10, TOP 30, and TOP 50 real estate companies all increased to varying degrees. The threshold for the TOP 100 real estate companies decreased by 3.1% to 1.79 billion yuan. ![Image](https://imageproxy.pbkrs.com/http://img.zhitongcaijing.com/images/contentformat/039246700dcde3848cd401d77325a705.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) 1. From the performance of companies, nearly half of the top 100 real estate companies saw year-on-year growth in monthly performance in April 2025, with 23 companies experiencing a year-on-year increase of more than 30%. Companies such as C&D INC., Huafa Properties (600325.SH), Yuexiu Property (00123), China Jinmao (00817), PowerChina Real Estate, Nengjian Chengfa, China Railway (00390), and Shenye Group performed well, achieving significant growth in both monthly and cumulative performance. ## Land Acquisition by Companies **Leading real estate companies are actively acquiring land, with the sales TOP 10 companies accounting for 70% of the top 100's land acquisition amount.** **Core Viewpoints:** 1. Key monitored companies continue to show a positive attitude towards investment. In April, 30 key monitored real estate companies had a monthly investment amount (full caliber) of 87.6 billion yuan, a month-on-month increase of 6.5% and a year-on-year increase of 99.6%. This was driven by a consortium including Yuexiu Property, China Jinmao, and China State Construction Intelligent Land, which won the Beijing Chaoyang plot at a base price of 12.6 billion yuan, leading to Yuexiu and Jinmao's monthly land acquisition amount exceeding 15 billion yuan. Poly Developments actively participated in auctions in Hangzhou, Xiamen, and other places, with a monthly land acquisition of 12.8 billion yuan, while Binjiang continued to heavily invest in Hangzhou 2. The investment concentration of the top 100 real estate companies remains high, with a land acquisition-to-sales ratio of 0.3. In the first four months, over 60% of the top 100 real estate companies did not acquire land, with the overall land acquisition-to-sales ratio of the top 100 companies stable at 0.30, an increase of 0.13 compared to the end of 2024. Focusing on the top 10 sales companies, the land acquisition amount of the top 10 in sales from January to April accounted for 70.5% of the top 100, indicating a high concentration of investment in leading companies. Specifically, the land acquisition amounts of China Merchants, Greentown, C&D INC., Yuexiu, Binjiang, and Jinmao are closely aligned with their sales rankings. Jinmao, Binjiang, and Greentown all have land acquisition-to-sales ratios exceeding 0.7, while C&D INC., China Merchants, and Yuexiu have ratios exceeding 0.5. Central state-owned enterprises focus their investments on high-quality plots in core first and second-tier cities, while Binjiang Group continues to deepen its presence in its home base. 3. The enthusiasm for land auctions in key cities remains strong, and investment concentration will continue to rise. From January to April 2025, the land market still shows significant differentiation characteristics. The premium rates for land transactions in first-tier cities and strong second-tier cities, represented by Beijing, Hangzhou, Guangzhou, and Nanjing, continue to rise, with high premium transactions frequently occurring for high-quality plots in core locations. From the perspective of real estate companies, leading firms continue to strengthen their strategic accumulation of high-quality land resources in high-energy cities, with an increase in the number of companies participating in key plot auctions and intense bidding competition. It is noteworthy that the recovery momentum in third and fourth-tier cities remains insufficient, and small and medium-sized real estate companies are constrained by liquidity pressures, continuing to shrink their investment radius. This investment pattern is expected to drive high-quality land resources to continue concentrating in leading companies. ## Corporate Financing **Monthly total remains low, costs maintained at a low level** ![Image](https://imageproxy.pbkrs.com/http://img.zhitongcaijing.com/images/contentformat/bebc5bc287d53b5330ec90fcb8e1378d.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) **Core Views:** 1. Financing Total: In April 2025, the total financing of 65 typical real estate companies was 28.683 billion yuan, a decrease of 2.7% month-on-month and a decrease of 16.8% year-on-year, with the monthly financing total still at a low level in recent years. From the cumulative data for the year, the cumulative financing total of the 65 typical real estate companies was 112.739 billion yuan, a year-on-year decrease of 31.8%. In terms of financing structure, domestic debt financing for real estate companies this month was 26.137 billion yuan, an increase of 45.8% month-on-month and a decrease of 5.5% year-on-year; no companies engaged in overseas debt financing; asset securitization financing was 2.546 billion yuan, a year-on-year decrease of 62.6% and a month-on-month increase of 108.2%. 2. Financing Costs: From January to April 2025, the new bond financing cost for the 65 typical real estate companies was 3.29%, an increase of 0.36 percentage points compared to 2024, with the cost of overseas bond financing at 7.62%, an increase of 3.44 percentage points compared to the entire year of 2024, and the cost of domestic bond financing at 2.83%, a decrease of 0.08 percentage points compared to the entire year of 2024. In terms of the monthly view, no companies issued bonds overseas this month. Since the companies issuing domestic bonds are mainly state-owned enterprises such as China Resources, China Overseas, and Cinda Real Estate, the domestic bond financing cost decreased by 0.42 percentage points to 2.69%, continuing to maintain a low overall level ![Image](https://imageproxy.pbkrs.com/http://img.zhitongcaijing.com/images/contentformat/8b5a9d831a10dbd4d56465213de865f9.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) 3. Corporate Performance: The company with the largest total financing this month is China Resources Land, which issued two medium-term notes totaling 4.5 billion yuan this month. From the perspective of corporate tiers, the average financing amount of the top 10 real estate companies from January to April 2025 is 5.329 billion yuan, the highest among all tiers. The average financing amount of the top 51+ real estate companies is 932 million yuan, a year-on-year increase of 16.29%, making this tier the only one with a year-on-year increase in financing scale. In terms of financing costs, the financing cost of the top 51+ tier is the lowest at 2.55%, a decrease of 1.5 percentage points compared to the full-year financing cost of 2024, which is also the largest decline, and it is 0.85 percentage points lower than the financing cost of the top 11-30 real estate companies, which is the highest. ![Image](https://imageproxy.pbkrs.com/http://img.zhitongcaijing.com/images/contentformat/26cef8aafd71636d1bdc366230684008.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) ## Organizational Dynamics **Gree Real Estate and Huafa Properties undergo senior management restructuring; Xiangyu Real Estate's regional structure is being streamlined.** ![Image](https://imageproxy.pbkrs.com/http://img.zhitongcaijing.com/images/contentformat/0e3b72630a1eb58c79ec77b665b9b7bf.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) **Core Viewpoints:** In April, organizational adjustments in the real estate industry remain frequent, with personnel changes focusing on senior management turnover and board structure optimization. The organizational structure is centered around regional integration, as companies actively respond to market downturn pressures through "blood replacement" and resource restructuring, seeking new paths for cost reduction, efficiency enhancement, and strategic transformation. **1\. In terms of personnel changes, Gree Real Estate and Huafa Properties are experiencing inter-company personnel interactions and senior management restructuring.** On April 15, Gree Real Estate (600185.SH) announced that the Zhuhai State-owned Assets Supervision and Administration Commission would transfer 100% equity of Zhuhai Investment Holding Co., Ltd. (Haitou Company) to Huafa Group without compensation, making Gree Real Estate a third-level subsidiary of Huafa Group. Subsequently, on April 22, Gree Real Estate Chairman Chen Hui resigned due to job relocation, and core executives of the Huafa system, Guo Lingyong and Li Xiangdong, were nominated as board members, indicating a deepening intention for strategic synergy between companies. On the same day, three senior executives of Huafa Properties, Yu Weiguo, Zhang Chi, and Luo Bin, collectively resigned, while Zhang Wei and Ye Ning were appointed as executive vice presidents, and Yang Yongjun took over as financial director. The structural adjustment of the senior management team may pave the way for subsequent business integration and strategic upgrades. It is also noteworthy that senior executives in the Vanke Real Estate and Greentown construction segments have resigned and been succeeded. Vanke Real Estate Executive Vice President and Chief Operating Officer Liu Xiao resigned on April 1 for personal reasons but will still be responsible for the company's strategic investment business. This change may have a certain impact on Vanke's daily operational management decision-making process, and the continued development of the strategic investment business will be closely monitored Greentown Management (09979) appointed Geng Zhongqiang as a non-executive director and co-chairman of the board on April 25th, to further strengthen management capabilities and inject new momentum into the expansion of its construction agency business. **2\. Organizational changes: Xiangyu Real Estate is undergoing regional structural integration.** Xiangyu Real Estate will merge its original Tianjin and Tangshan companies into the Hu-Zhe region, and the Chongqing company into the Jiangsu region, streamlining the national regional companies to three. After the integration, the company will concentrate resources on core areas and leverage regional scale effects to reduce operating costs ### Related Stocks - [600325.CN](https://longbridge.com/en/quote/600325.CN.md) - [600153.CN](https://longbridge.com/en/quote/600153.CN.md) - [002244.CN](https://longbridge.com/en/quote/002244.CN.md) - [01515.HK](https://longbridge.com/en/quote/01515.HK.md) - [00123.HK](https://longbridge.com/en/quote/00123.HK.md) - [600048.CN](https://longbridge.com/en/quote/600048.CN.md) - [00817.HK](https://longbridge.com/en/quote/00817.HK.md) - [600657.CN](https://longbridge.com/en/quote/600657.CN.md) - [00390.HK](https://longbridge.com/en/quote/00390.HK.md) - [01193.HK](https://longbridge.com/en/quote/01193.HK.md) - [600185.CN](https://longbridge.com/en/quote/600185.CN.md) - [03900.HK](https://longbridge.com/en/quote/03900.HK.md) - [01109.HK](https://longbridge.com/en/quote/01109.HK.md) ## Related News & Research - [This High-Yield REIT Just Hiked Its Dividend By 7.1%. Its Shares Look Compelling Here.](https://longbridge.com/en/news/286976827.md) - [3 dividend kings to buy and hold for 20 years](https://longbridge.com/en/news/286946243.md) - [11:16 ETMore Runners, More Access: TIAA Joins Philadelphia Marathon Weekend as New Title Sponsor](https://longbridge.com/en/news/287244474.md) - [CEO.CA's Inside the Boardroom: How Viva Gold is Slashing Costs and De-Risking the Tonopah Gold Project in Nevada | VAUCF Stock News](https://longbridge.com/en/news/287236638.md) - [15:49 ETElectrolux Group announces terms for the fully underwritten rights issue of SEK 9,062 million](https://longbridge.com/en/news/287265039.md)