New high-rise apartment in Guangzhou, China. Photo: iStock
New high-rise apartment in Guangzhou, China. Photo: iStock

Over the first five months of this year, China’s Top 100 real estate developers sold a total 3.47 trillion yuan in housing, a rise of 33.5% from a year earlier, according to the latest data released by Chuancai Securities, reported.

Among the housing developers, Country Garden ranked first with a sales record of 334.68 billion yuan (US$52.29 billion), soaring 37.04% from a year earlier, followed by the Evergrande Group and Vanke.

As for the second tier of housing developers, Poly Real Estate achieved 42.95% year-on-year growth to reach 155.12 billion yuan, ranking in fourth place.

Despite the stunning sales effort by Country Garden, most large and medium-sized housing enterprises set an annual sales goal of 300 billion yuan, while small and medium-sized housing enterprises have a goal of 100 billion yuan.

Since financing and land acquisition are tied to the scale of home sales, currently, housing enterprises fell out of the top 30 in terms of home sales and are unlikely to draw financing.