Falling Sales Offer Few Signs of End to China’s Property Slump

Cumulative sales of China’s top 100 developers fell 7.1% to roughly $180 billion for the first five months of the year

Falling property sales over the first five months of 2025 show how China’s economically important real estate market remained stuck in a slump this year despite signs of heat in the markets in higher-tier cities.

Cumulative sales of China’s top 100 property developers from January to May fell 7.1% year-on-year to 1.3 trillion yuan ($180.4 billion), accelerating from the 6.7% drop for the January-to-April period, according to figures published Saturday by China Real Estate Information Corp. (CRIC). The CRIC report measures sales from projects directly managed by the top 100 developers, excluding projects including those run by external partners.

Figures released by another data provider for the industry, China Index Holdings (CIH) Ltd., painted a similar picture. Total sales of the top 100 property developers for the first five months were down 10.8% year-on-year to 1.4 trillion yuan, according to a CIH report published Saturday. In the CIH report, sales included revenue from projects managed by both developers’ in-house sales teams and those outsourced.

For May alone, sales by