Leading real estate companies in China 2023, by sales revenue
In 2023, Poly Real Estate was the most active real estate developer in China, generating a sales revenue of approximately 386 billion yuan. Other leading companies were China Vanke and Greentown China.
Real estate market in China
With more than one hundred thousand real estate developers, China's real estate market is ranked among the world’s largest as of 2023, recruiting over 2.45 million employees, and generating revenue from real estate sales that has increased tenfold since 2005. China's real estate market has become a subject of debate for a long time, with the average real estate sale price per square meter in China skyrocketed from 3.8 thousand yuan in 2008 to more than 10 thousand yuan in 2021. However, different regions experienced substantially different price growth trends; as of 2022, Shanghai was the region in China with the highest sales price of real estate, closely followed by the capital, Beijing.
Future development
Considering the average income in the country, the housing prices in the largest cities are far beyond the affordability of an average household, even in suburb areas. China's central and western provinces had relatively less expansive real estate price. As a matter of fact, housing prices in China grew at a pace parallel to the country's GDP growth rate. The fluctuation of real estate prices is very likely to have a far-reaching impact on China's economic development; although the extremely high real estate prices in some regions of China are expected to fall, a sudden drop of housing prices would set off a chain reaction, leading to devastating consequences for the country's future.
