Top 100 Real Estate Companies in February Achieve 123.4 Billion in Sales; Preparing for a "Small Spring" with Seasonal Rest in the Housing Market

During the Spring Festival, some cities’ return-home property markets did not reverse the seasonal slowdown in the housing market in February.

On February 28, CRIC Research released data showing that in February 2026, the typical top 100 real estate companies achieved a single-month sales transaction amount of 123.42 billion yuan, with a total of 288.87 billion yuan in sales transactions for the first two months.

Compared to January’s data, where the top 100 companies achieved sales transactions of 165.45 billion yuan, this indicates a month-on-month decrease of over 20%, or about 42 billion yuan, in February.

Looking at specific companies, Poly Developments, China Overseas Land & Investment, and China Resources Land ranked the top three in sales transactions for the first two months, with sales amounts of 23.6 billion yuan, 21.84 billion yuan, and 20.59 billion yuan respectively. Other companies with sales exceeding 10 billion yuan in the period include Greentown China, China Merchants Shekou, CIFI Holdings, and China Jinmao, with transaction amounts of 18.3 billion yuan, 14.53 billion yuan, 13.84 billion yuan, and 11.46 billion yuan respectively.

Why did real estate sales shrink in February? CRIC explained that February, as the Spring Festival month, is generally a low season for new homes, second-hand homes, and land markets. The peak of returning home and travel during the festival led to a significant outflow of effective customer groups. Real estate companies also generally avoided launching new projects during the Spring Festival holiday, concentrating their sales efforts in March and April, the “little spring,” resulting in lower supply levels.

Overall, in the new home market, in February 2026, approximately 6.75 million square meters of new commercial residential transactions were completed across 50 key cities nationwide. Among these, first-tier cities accounted for about 710,000 square meters, and 22 second-tier cities for about 3.39 million square meters. Due to high base figures, year-on-year declines were observed. Transactions in 24 third- and fourth-tier cities totaled about 2.65 million square meters, up 2% year-on-year. The smaller base resulted in less market fluctuation in these lower-tier cities.

However, even amid the seasonal slowdown, some real estate companies still achieved performance growth. CRIC noted that in the first two months of 2026, 29 typical companies saw year-on-year growth in performance, with 7 of the top 10 in sales growth being small and medium-sized private firms, including Junyi Holdings, Kerry Properties, Lian Tai Group, and Dongyuan Real Estate.

Compared to the new home market, the second-hand housing market remained relatively stable. In February 2026, transactions in 15 key cities totaled about 4.97 million square meters, with a cumulative 1-2 month total of approximately 15.09 million square meters, a slight increase of 2% year-on-year. Chengdu led with a single-month transaction area of 1.08 million square meters, up 18% year-on-year for the first two months.

It is worth noting that, due to the overall flat market conditions, policy measures are being actively implemented to stimulate the market.

On the local level, Shanghai’s new policies on February 25 became a focal point. The measures included relaxing purchase restrictions, optimizing housing provident fund policies, and improving property tax regulations. Notably, non-Shanghai residents can now buy an additional property within the outer ring road if they have less than one year of social security or individual income tax contributions, and those with a residence permit who have lived in the city for over five years can purchase without proof of social security or tax. The maximum loan amount for first-time homebuyers’ provident fund loans was increased from 1.6 million yuan to 2.4 million yuan, with the total possible loan reaching up to 3.24 million yuan after policy stacking.

Additionally, the city optimized loan qualification criteria, expanded support for families with multiple children to include second homes, and exempted local adult children from property tax when purchasing their family’s only home. These targeted measures aim to meet housing needs for new residents, young people, and upgrading buyers, sending positive signals to boost market expectations nationwide.

Yihan Think Tank believes that the “Shanghai Seven Policies” further lower the barriers to homeownership, which could trigger a wave of demand release and inject vitality into the market. These policies also serve as a benchmark for other cities with room for policy loosening, encouraging them to follow suit.

Furthermore, the post-holiday land auction in Guangzhou also boosted market confidence and activity. In the bidding for the Ma Chang land parcel in Zhujiang New Town, eight developers participated in nine hours of 243 rounds of bidding. Yuexiu Properties ultimately won with a total bid of 23.6 billion yuan, a premium of 26.6%, making it the second-highest land transaction in Guangzhou history after the 25.5 billion yuan deal for the Asian Games City site in 2009.

CRIC believes that if pent-up demand from the holiday period is released, combined with efforts by various cities to relax restrictions, promote urban renewal, and acquire second-hand homes, the “little spring” in March could be promising, with transaction volumes expected to rebound significantly.

In March, many cities’ new home markets are also expected to see a supply peak, potentially driving a rebound in transactions. For example, in Guangzhou, project launches will accelerate, with four new developments opening in the city center, doubling the supply of new homes month-on-month. Coupled with demand for school district housing in the second-hand market, both new and second-hand home transactions are expected to increase. Hangzhou also anticipates several new projects entering the market, including some land parcels from 2025, with supply and demand both expected to rise sharply.

(Source: First Financial)