Domestic real estate market to consolidate this year

A new report by CRIC, a real estate research services provider, indicates that China's real estate market is going to become more consolidated in 2018, as large developers take up increasing shares of the sector.

The report notes that Country Garden, China's top real estate developer by revenue in 2017, had sales revenue of 550 billion yuan ($76.87 billion), and that a total of 17 developers had annual sales revenues exceeding 100 billion yuan each.

All of the top three sellers, namely Foshan-based Country Garden, Shenzhen-based China Vanke and Shenzhen-based Evergrande had each realized annual sales revenue in 2017 exceeding 500 billion yuan.