The head of the housing company as a whole leads the market. In the first half of 2026, the total value of the full calibre sales of top 10 was rmb 82,7825 million, or 52 per cent of the total sales of 100 housing enterprises。
I'm a reporter, hsiao-sing, from beijing
The battle over the size of the head of the housing company remains intense。
In the first half of 2026, there were three housing enterprises with full calibre sales of over $100 billion, i. E., poly development, central haitians and chinese land. The sales amounted to $13. 51 billion, 13. 335 billion and 116. 5 billion respectively. Of these, the gap between the china sea and paulie has narrowed to less than 1 billion yuan, and the china sea rose by 11. 83 per cent on a year-on-year basis; paulie's development declined by 6. 96 per cent over the same period, with the industry being the first to grow。
More important is the dimension of equity sales, with only a few hundred billion yuan worth of haitian production remaining and the development of paulie, with interest sales of 123. 6 billion yuan and 106. 5 billion yuan, respectively. Not only did the china sea win first, but the gap widened to over $17 billion。
There are tops and downs. Whole-calibre sales fell to $94. 7 billion in china in the first half of the year, down 22. 5 per cent from $122. 1 billion in the same period last year, falling fifthly by a threshold of hundreds of billions; sales fell sharply, falling from 49 per cent to $35. 2 billion in the same year to 11 in the industry。
The competition for core land in the head of the housing company remains intense. On 7 july, after 98 rounds of competition, the core of hangzhou century city was developed by paulie at $4,605 million, with a premium of 26. 7 per cent and a trading price of $48139 per square metre。
According to incomplete statistics, of the 36 first- and second-line cities of shenzhen, hangzhou, shanghai, suzhou, wuhan, changsha and guangzhou, at least 14 single-rate “governors” have been born this year。
It is noteworthy that a group of small and medium-sized indigenous, deep-tilled private-sector enterprises are on the verge of increasing inversely. The yongshang holdings group, which runs the business at a rate of 206. 8 per cent of equity sales, has grown at a rate of more than 100 per cent, making it a “black horse” force that cannot be ignored in the current adjustment。
The top ladder is highly divided
The city as a whole has a pattern of “cold-hot interweaving” and the sales performance of housing enterprises has been divided significantly。
In the first half of 2026, 100 housing enterprises were sold totalling $15,863. 6 billion, a decrease of 1. 3 percentage points from 1 to may and a contraction for four consecutive months, mainly as a result of increased activity in the central urban real estate market in the second quarter. In june alone, 100 housing enterprises increased their sales volume by 11. 8 per cent。
The head of the housing company as a whole leads the market. In the first half of 2026, the total value of the full calibre sales of top 10 was rmb 82,7825 million, or 52 per cent of the total sales of 100 housing enterprises. The movement within the ladder has been marked by a marked division, with five housing enterprises achieving positive growth in comparison, namely, chinese-haitian, chinese-based, chinese-owned, chinese-owned, chinese-owned, chinese-owned, chinese-owned, chinese-owned; paulie's development, build-up of estates, xisu properties, liang group, green city, and five chinese-owned enterprises with a decline of 6. 96 to 49 per cent。
It is the fourth largest in the business of recruiting snakes and is ranked against the green city of china. In the first half of 2026, a cumulative contract sale of $9,624. 5 million was reported, an increase of 8. 3 per cent over the same period; and a cumulative contract sale of 3. 05 million square metres, a decrease of 8. 9 per cent over the same period. The decrease in the area and the increase in the amount represented an increase in the unit price of its sales。
There have been challenges to the sales performance of merchants. The volume of contracted sales in the first quarter of this year was $33,382 million, a decline of 4. 8 per cent over the previous year. The two main projects in shenzhen averaged $142,000 per square metre in the second quarter of the year, using the high-end housing project as the backbone of performance。
China ranked fifth in the green city, down three times from the second in the same period last year, with total calibre sales of $94. 7 billion in the first half of 2026, a 22. 5 per cent decline over the same period. In terms of split operations, the self-investment and surrogate movements are different. During the first half of the year, the self-investment project realized contract sales amounting to 60. 2 billion yuan, with interest in the group amounting to 40. 7 billion yuan; the build-up project cumulatively sold 34. 5 billion yuan, representing 36. 4 per cent of the total sales, and a continuing increase, but the build-up business was significantly less profitable than the self-development business。
According to the annual sales target of $13 billion in 2026 set by the green city management, the target was approximately 72. 8 per cent in the first half of the year. However, in contrast to total sales of $25. 1 billion for the whole year of 2025, sales targets were cut by half in 2026, which was backed by the continued pressure on the corporate profit side. In 2025, green city china achieved an operating income of rmb 15,966 million, a decline of 2. 3 per cent over the same period; net profits attributable to shareholders were only rmb 71 million, down 95. 6 per cent from rmb 1,596 million in 2024, creating the lowest value since the company was listed. In 2025, the company recorded a net loss of $4,921 million in impairment of related assets and changes in fair value, of which inventory was about $2. 9 billion, which significantly eroded corporate profits。
For the 2026 profit outlook, green city management has stated frankly that profits are expected to continue to be under pressure in 2026, influenced by long-stock denuclearization and asset impairment factors。
Following the green city china, the construction of properties, china kim mao, viet su properties, the liang group and greenfield holdings, respectively, amounted to $6. 38 billion, $57. 5 billion, $50. 5 billion, $43. 15 billion and $35. 89 billion, leaving a clear gap with the top five teams, representing an increase of -9. 73 per cent, 7. 78 per cent, 18. 15 per cent, 18. 2 per cent and 7. 1 per cent。
For the second time in the same period last year, greenfield holdings rose by four, china kim mao by two, and the liang group advanced by one. The liang group is also the only private establishment with reserved seats in the top 10 housing complex, with 53. 94 per cent of its total sales target of $80 billion achieved in the first half of the year。
In terms of equity sales, the top five sectors in the first half of the year were chinese-haïtien production, paulie development, chinese land for sale, snake shops and properties, with interest sales of $123. 6 billion, $106. 5 billion, $80. 8 billion, $58. 9 billion and $48. 9 billion, respectively. Of these, the sale of chinese-haïtien and chinese-owned land increased by 11. 8 per cent and 9. 5 per cent, respectively。
China ranked seventh and eighth in terms of kim mao and green land holdings, with equity sales increasing by more than 7 per cent each year. Among the headline housing enterprises, vanco and green town experienced the most significant decline in chinese performance。
While market shares continue to be concentrated in the head, the urban market is becoming increasingly fragmented. In the first half of 2026, 45. 5 per cent of the sales performance of 20 housing firms was in front-line cities, an increase of 5. 8 percentage points over the same period。
Housing enterprises such as chinese-haitian, chinese-based, chinese-owned, chinese-owned, chinese-owned, chinese-owned, chinese-owned, chinese-owned, chinese-owned, chinese-owned enterprises have a sales contribution of over 50 per cent。
Who's black horse
During the current cycle, the biggest “black horses” of the 100 housing companies came from the private sector. According to kerry, during the first half of the year, the yongshang holdings group recorded an increase of 2. 03 billion yuan, an increase of 206. 8 per cent over the previous year。
The company, which had its headquarters in fukuo, was ranked 200 in 2025 and ranked 92nd in the first half of 2026. Long shang holdings joined forces to enter shaanxi market in 2020 and long-term deep-tilled xi'an, and ranked sixth on the full-calibre sales list of xian houses between january and april this year。
According to business-related sources, the project development of the yongshang holdings group is largely based on rolling of own-account funds, maintaining very low levels of indebtedness over the long term. The overlapping parent company has multiple operating blocks, such as minerals, water and international trade, and a diversified layout helps companies to move smoothly through the land cycle。
The second highest rate of increase was in china, where the first half of the year saw a sales volume of $7. 44 billion, an increase of 204. 9 per cent over the previous year. As a fully funded real estate platform under the auspices of the china-two bureau, the significant increase in performance was largely attributable to the delivery of the core regional priority projects in beijing and shanghai。
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Among the housing enterprises that have doubled, they also include the local state enterprise group, which is based on the centralized delivery of urban renewal projects, with an equity sale of $3. 82 billion in the first half of the year, an increase of 154. 5 per cent over the same period。
The land market is equally divided. According to institutional data, in the first half of the year, the number of housing establishments in the country amounted to rmb 336 billion, a decrease of 33. 7 per cent over the same period, and overall investment in the sector remained cautious. However, core cities, such as shanghai, shenzhen and hangzhou, continue to experience high heat levels and rising premium rates for quality plots. According to the central bureau of public prosecutions, the average premium for 300 urban areas was 17. 4 per cent in june, a new year。
In terms of land value, paulie's development, china's land holdings and yosoo's property are ranked three times higher, respectively, by $37. 7 billion, $31. 1 billion and $28. 6 billion。
In addition to this, the amount of land allocated to five housing enterprises in the construction of housing estates, the green city of china, the shopkeepers' mouths, the kim mau and the paulie estates in china has exceeded rmb 10 billion, rmb 21. 1 billion, rmb 17 billion, rmb 13 billion, rmb 11. 5 billion and rmb 10. 1 billion。
In contrast, the strong growth in sales in central haiti resulted in only $6 billion in equity gains in the first half of 2026, a decline of 83 per cent over the same period, with only about 5 per cent sales in land and the lowest level in top10 housing. The chairman of the board set the investment threshold years ago: the cost-benefit margin for the new project is in principle not less than 15 per cent, the irr for the first-line urban project is not less than 12 per cent and the requirements for the second-line city are higher. Any parcel of land that cannot be accounted for, even if it is better located and hotter, will not be taken。
The overall warming of the land market continues to depend on the substantial warming of the sale of commercial houses and the continued restoration of the confidence of housing companies to invest。
