A view of a cluster of residential apartment buildings in Ji'nan city, China. Photo: Imaginechina/Da Qing
Analysts believe the price of used homes in second-tier cities will eventually rebound and stimulate market demand. Photo: Imaginechina/Da Qing

Chinese real estate developer Vanke is back on top of home sales in November, surpassing that of Evergrande and Country Garden, The Paper reported.

Vanke sold a total area of 35.99 million square meters worth 543.95 billion yuan (US$79.5 billion) over the first 11 months of the year.

Meanwhile, Evergrande and Country Garden have sold 50.88 and 52.46 million square meters, worth 535.21 billion yuan and 489.74 billion yuan respectively.

The report also points out that the number these housing developers have released only represents their sales records, they still have to collect full payment.

Yu Liang, chairman of the Board of Directors in Vanke, revealed a payment collection target of 630 billion yuan for 2018 earlier in September.

In order to achieve the annual target, Vanke will face more pressure in attempting to achieve at least 86 billion yuan in home sales in December.