Changes atop the realty ladder

Greenland Holding overtakes Vanke as top developer in China

Rankings in China's real estate sector had undergone a major change by the end of 2014, with Shanghai-based Greenland Holding Group Co Ltd displacing China Vanke Co Ltd as the largest developer in terms of sales value and volume.

Greenland said on Sunday that its pre-sale value in 2014 rose 48 percent to 240.8 billion yuan ($38.7 billion). The company's pre-sale volume rose 27.4 percent to 21.15 million square meters in the year. Though China Vanke has not yet announced its sales numbers for 2014, private research institutions have estimated the company's pre-sale value at between 212 billion yuan and 218 billion yuan. That means it is almost certain that the Shenzhen-based developer would cede its long-held top slot to Greenland.