According to the report recently released by the Ke Rui Research Center, the TOP100 real estate companies achieved a sales turnover of 363.35 billion yuan in November, a 16.6% decrease from the previous month, but still a 44.3% increase compared to September; a 6.9% decrease year-on-year. In terms of cumulative performance, the TOP100 real estate companies achieved a sales turnover of 3432.63 billion yuan from January to November, a 30.7% decrease year-on-year, narrowing by nearly 2 percentage points compared to October.

In terms of corporate investment, there has been a rare simultaneous increase in scale and activity. In November, driven by land auctions in key cities, typical real estate companies saw a significant increase in land acquisition amount. The single-month investment amount of the 30 monitored real estate companies in key areas increased by nearly 90 billion yuan, with month-on-month growth of 107% and 181% respectively, reaching a new high since 2024.

The month-on-month performance decline is lower than the same period in previous years.

The report shows that the performance decline of the top 100 real estate companies in November is lower than the same period in previous years.

Looking at the changes in sales thresholds, the sales thresholds of the top 100 real estate companies in November are further reduced compared to the same period last year, with the thresholds still at the lowest levels in recent years, although the decrease this month is slightly narrowed. Among them, the sales turnover threshold of the top 10 real estate companies decreased by 41.4% year-on-year to 87.9 billion yuan. The thresholds for the top 30 and top 50 real estate companies also decreased by 31.9% and 36% respectively to 24.03 billion yuan and 139.3 billion yuan. The sales turnover threshold for the top 100 real estate companies decreased by 30.5% to 6.49 billion yuan.

Investment highly focused and concentrated.

According to the report, driven by land auctions in key cities, the land acquisition amount of typical real estate enterprises in November increased significantly, with the investment amount of the top 30 monitored enterprises reaching nearly 90 billion yuan in a single month, an increase of 107% and 181% year-on-year and month-on-month respectively, reaching a new high since 2024.

However, the substantial rebound in land acquisition amounts does not necessarily indicate a reversal in corporate investment willingness. On one hand, more than half of the top 100 companies in terms of land acquisition amount did not have land reserves recorded in a single month. On the other hand, among the top 30 monitored enterprises, only 11 acquired land, and those with land acquisition amounts exceeding 10 billion are mostly large state-owned enterprises that have acquired a significant amount of land this year, such as Poly Developments and Holdings Group, China Resources Land, Greentown China, and Yuexiu Property, concentrated in high-priced core cities like Shanghai and Beijing, displaying a high degree of focused and concentrated investment.

Overall, nearly half of the enterprises are still in a state of investment pause in the first 11 months, while among the top 100 companies in terms of land acquisition amount, although state-owned enterprises dominate, the land acquisition amount has decreased by 36% compared to the same period. However, urban investment companies continue to support the land market, with land acquisition amounts increasing by 36% year-on-year.

By the end of November, the threshold value for the top 100 new land reserves was 5.15 billion yuan, a 13% year-on-year decrease, narrowing the decline by 6 percentage points. The threshold value for the total price of the top 100 new land reserves was 2.19 billion yuan, a 16% year-on-year decrease, narrowing the decline by 7 percentage points.

In terms of overall quantity, the total value of new land reserves, total prices, and the total area of the top 100 in terms of building area from January to November were 1784.9 billion yuan, 851.3 billion yuan, and 82.78 million square meters, respectively. These figures decreased by 34.5%, 34.6%, and 23.4% year-on-year, showing a slight narrowing of the decline by 5-7 percentage points compared to the end of the previous month.

In terms of land acquisition willingness, as of the end of November, the land sales ratio of the top 100 real estate companies was 0.16, slightly up 0.01 from the end of October. Looking at different tiers, the investment enthusiasm of major real estate companies has mainly increased, with the land sales ratio of the top 10 real estate companies rising to 0.21, widening the gap with other tiers of real estate companies, especially the land sales ratio of real estate companies ranked 11th-20th is only 0.06.

The concentration continues to increase, with the top 10 real estate companies accounting for 59% of the new value, an increase of 4 percentage points from the end of October. In addition, the new value of real estate companies ranked 31st-50th accounts for 13%, slightly up 2 percentage points from the end of October. The proportion of new value for other tiers has decreased.

December may see a strong finish, with overall corporate investment expectations still in recovery.

Looking ahead to the market, Ke Rui believes that December coincides with the performance sprint season for real estate companies, and it is possible that some real estate companies will carry out year-end promotions to boost their performance. Considering this impact, overall transaction volumes are expected to rise month-on-month, showing a slight uptick.

At the same time, the expectation of urban differentiation continues. Core first-tier cities such as Beijing, Shanghai, and Shenzhen remain hotspots for transactions. With increasing supply, the momentum of new home transactions is expected to continue to rise. Some second-tier cities like Wuhan, Nanjing, and Suzhou, which experienced deep adjustments earlier, are showing signs of recovering purchasing power. As year-end approaches, with real estate companies enhancing discount efforts, there is still room for release for first-time buyers and upgraders. Additionally, in most inland third- and fourth-tier cities, the property market heat is still awaiting transmission from core first- and second-tier cities.

In terms of corporate investment, overall, land investment continues to linger in a low range. Local bright spots appear mainly due to the drive of high-quality land parcels, influenced by the continuation of high-quality land supply scales. It is expected that December will continue to see a large number of high-premium high-quality residential lands, with state-owned enterprises still being the main force in land acquisition in core cities.