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China's Top Developers Plummet Amid Market Cooling Policies

1/6/2026

50 9 Full Breakdown

Summary

Story summary

The number of developers achieving annual sales of at least 100 billion yuan dropped from 43 in 2020 to 10 in 2025, according to CRIC.
Only China Jinmao Holdings reported sales growth.
The decline followed Beijing's "three red lines" policy implemented in 2020 to cool the market.
The number of top developers fell from 20 in 2022 to 11 in 2024, while homebuyer confidence remains low and market risks persist.

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Story summary

The number of developers achieving annual sales of at least 100 billion yuan dropped from 43 in 2020 to 10 in 2025, according to CRIC.
Only China Jinmao Holdings reported sales growth.
The decline followed Beijing's "three red lines" policy implemented in 2020 to cool the market.
The number of top developers fell from 20 in 2022 to 11 in 2024, while homebuyer confidence remains low and market risks persist.