According to financial news on December 2 (Reporter Li Jie), November was the second complete calendar month following the "926" easing policy. Overall, the sales volume of real estate companies decreased compared to October.

According to CRIC data, in November 2024, the top 100 real estate companies realized a sales turnover of 363.35 billion yuan, representing a month-on-month decrease of 16.6%, but an increase of 44.3% compared to September; a year-on-year decrease of 6.9%.

Cumulatively, from January to November, the top 100 real estate companies recorded a total turnover of 3432.63 billion yuan, a year-on-year decrease of 30.7%, with the rate of decline narrowing by nearly 2 percentage points compared to October.

The market has maintained a certain level of activity. The traditional sales off-season combined with the diminishing marginal efficacy of policies has led to a weakening growth momentum for most real estate companies, while a few have maintained growth compared to previous months. This may be related to better regional activity in areas where companies are deeply invested, allowing them to maintain a relatively high sales push, said analyst Wang Wen from Tianfeng.

In November, most leading real estate companies experienced a month-on-month decline in sales, with only a few companies such as greentown china and Huafa achieving growth.

According to the statistics from the China Index Academy, from January to November, only 9 real estate companies exceeded a sales total of 100 billion yuan, a decrease of 7 companies compared to the same period last year. There are 76 companies with sales of 10 billion yuan, which is 32 fewer compared to the same period last year. According to the statistics from Guosheng Securities, the decline in sales for the top 10 real estate companies continued to narrow to 26% in the first 11 months, while other tiers of companies experienced a decline of over 30%.

Among them, poly developments and holdings group had the highest sales turnover at 280.3 billion yuan, followed by China Overseas Land & Investment, greentown china, Vanke, and China Res Land, which achieved sales of 256.91 billion, 246.72 billion, 207.7 billion, and 206.06 billion yuan respectively.

The leading state-owned enterprises and a few mixed-ownership and private enterprises continue to excel in land acquisition and sales performance, and quality real estate companies are expected to benefit more in the future landscape, according to analyst Jin Jing from Guosheng Securities.

Data from the China Index Academy shows that from January to November 2024, the total amount of land obtained by the top 100 real estate companies was 743.18 billion yuan, a year-on-year decrease of 31.5%, with a decrease of 7.1 percentage points compared to January to October.

In terms of new commodity value, china res land, poly developments and holdings group, and greentown china ranked in the top three. From January to November 2024, china res land topped the list with a new commodity value of 109.1 billion yuan, poly developments and holdings group ranked second with 100.1 billion yuan, and greentown china had a new commodity value scale of 95.8 billion yuan, ranking third.

In November, first-tier cities like peking and shanghai continuously transferred multiple high-priced land parcels, all of which were won by leading central state-owned enterprises, significantly narrowing the year-on-year decrease in the total land acquisition amount for the top 100 companies, but the acquisition companies remain concentrated among central state-owned enterprises and local state-owned assets, while private real estate companies are still relatively cautious in land acquisition, noted the analyst from China Index Academy.

In fact, the signal released by the 9.26 Politburo meeting to "promote stabilization and recovery of the real estate market" is the strongest to date. Following that, a series of four significant press conferences reflected the central government's determination to stabilize the economy. After first-tier cities optimized their policies at the end of September, the down payment ratio and loan interest rates for residential purchases have reached historic lows, and the purchase restrictions are at their most relaxed stage since implementation. On October 17, five central government departments, including the Ministry of Housing and Urban-Rural Development and the Ministry of Finance, held a joint press conference to clarify the "composite measures" to promote stabilization and recovery of the real estate market.

At the same time, typical real estate companies have fully utilized the "Eleventh" holiday and other time windows to build a smooth and convenient buying and selling platform, launched quality projects, and carried out various marketing activities such as discounts, coupons, and home purchase rights giveaways to promote commodity housing sales.

Under the accumulation of bullish policies, core first and second-tier cities have been in a continuous release period in November, according to analyst from Ke Rui. December coincides with the performance sprint season for real estate companies, and supply may continue to rebound. It cannot be ruled out that some real estate companies may launch year-end promotions to boost performance. Therefore, it is anticipated that overall transactions in December may show a month-on-month rebound or a slight year-end tail increase.

Wang Wen expects that real estate companies will maintain a strong promotional effort in December to boost performance, and the sales in the top 100 and core cities are expected to continue an improving trend month-on-month and year-on-year. In terms of prices, cities with high energy levels, low inventory, and already significant previous declines are likely to stabilize further.