Only 53 of the major real estate developers listed in the top sales ranking list of five years ago are still on the list, , while the other 47, mostly private developers have been replaced by mostly state owned counterparts, reports Caixin.
The report, released by the China Index Academy, ranks developers on who sold the most properties, measured in RMB value of sales. Retaining a top ranking now tests financing access, delivery capability and risk tolerance in a contracting market.
The contraction is most visible at the very top of the pyramid. The number of developers generating annual sales exceeding RMB 100 billion ($14 billion) plunged from 41 in 2021 to just 10 in 2025, according to the research report. This decline mirrors the broader trajectory of the market since its 2021 peak, when total sales area reached 1.79 billion square meters and sales value hit RMB 18.19 trillion, before entering a sustained downward spiral.