A new report indicates that China’s real estate companies are on track to see a bumper year in sales despite the ongoing implementation of strict property controls by the country’s municipal authorities.
The report from the China Index Academy indicates that the number of real estate firms whose sales have exceeded the 100 billion yuan threshold in the first ten months of 2018 have risen to 24 in total, with Country Garden (碧桂园) leading the pack at 612.43 billion yuan sales.
21 real estate firms have seen sales of between 100 billion to 400 billion yuan, for average sales of 161.72 billion yuan, and a YoY rise of 62.8%.
Zhang Dawei (张大伟), chief analyst from Centaline Property, said to state-owned media that while benchmark real estate companies are seeing a record year for sales, the rate of growth is nonetheless easing compared to 2017 as a result of ongoing property market controls.
Figures from Wind Data further indicate that Chinese real estate enterprises issued 420 billion yuan in debt during the first ten months of 2018, ahead of the full year figure for 2017, while in October alone the figure was 32.5 billion yuan, for a YoY rise of 90%.