Property developer bullish on sales

The revenue of some leading Chinese real estate companies will hit 500 billion yuan ($72.5 billion) this year - and the industry will be further consolidated as competition intensifies, a research report said on Thursday.

Most of large-scale property developers are bullish about this year's sales after skyrocketing growth last year, according to research by the China Index Academy, the Development Research Center of the State Council and Tsinghua University.

It said their average growth rate would exceed 40 percent in 2017, boosted by the rosy market, sufficient land parcel reserves and solid cash flow.