Business / Industries

China's three property giants see sales hit $30b in 2016

By Jing Shuiyu ( Updated: 2016-09-26 14:16

Transaction volume of three large Chinese property developers reached 200 billion yuan ($29.98 billion) this year, fueled by a housing boom.

In addition to Vanke Co Ltd, Evergrande Group and Country Garden Holdings Co Ltd, two other property giants - Greenland Group and China Poly Group Corporation - will also meet the sales figures this year, and more property developers will record the sales figure of 100 billion yuan, expert said.

"It is very much possible that Greenland Group and China Poly Group Corporation will also reach the sales milestone of 200 billion yuan this year…there will be many property companies whose sales will exceed 100 billion yuan, as quite a few of them have achieved 60 percent of the annual objective in the first six months," said Ouyang Jie, vice-president of Future Land Development Holdings Ltd, a Shanghai-based property agency.

Industry data showed that both transaction volume and salable area of commercial units of several companies more than doubled in the first eight months.

Overall, revenue of A-share listed property companies increased 44.6 percent to 136 billion yuan in the first half of 2016, according to a report released by the Chinese Academy of Sciences in late September, which monitored the performance of 2271 non-financial A-share listed companies.

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