China Index Academy: In January-October, sales of China's top 100 real estate developers totaled 2,537 billion yuan, with the year-on-year decline narrowing.

Zhitong Finance APP has learned that the China Index Academy stated that from January to October 2026, the total sales of 100 real estate enterprises reached 2,537.06 billion yuan, with the year-on-year decline narrowing by 0.9 percentage points compared with January to September. The marginal improvement in sales was jointly driven by three factors: policy-side efforts on mortgage interest subsidies, supply-side concentrated launches and promotional sales, and the low base in the previous year. However, industry divergence is still intensifying. The number of real estate enterprises with sales of 100 billion yuan and 10 billion yuan has narrowed to 6 and 58, respectively. The industry's competitive logic has shifted from competing on sales scale to a comprehensive contest of cash flow, product strength, and delivery certainty, and industry reshuffling continues. High-quality projects in core cities achieved hot sales amid the resonance of multiple factors, including intensive policy support, scarce locations, and product upgrades. Looking ahead to the end of the year, as the National Development and Reform Commission explicitly ensures the implementation of incremental policies such as interest subsidies for home purchase loans, combined with real estate enterprises' year-end sprint promotions and the low-base effect, the new home market in core cities may have some support, and the decline in real estate enterprise sales is expected to narrow further, but divergence among enterprises will still intensify.