China’s top 20 real estate firms have recorded total revenue sales of RMB471 billion in the first three quarters of 2010, up 34.6 percent over the same period last year, according to a report released by China Real Estate Information Corp.
The real estate firms recorded large profits from transactions in the first- and second-tier cities, with 59 percent of the total sales generated from second-tier cities with sales area accounting for 48 percent of the total.
Evergrande Real Estate Group Ltd ranked first in terms of total sales area, selling up to 5.97 million sq m of property so far this year. Property sales of China Vanke Co Ltd. for August and September surpassed RMB10 billion, and the company is targeting RMB90 billion sales revenue for the whole 2010.
Market watchers said that sales revenue in second- and third-tier Chinese cities may likely see good results in the coming years, but sales in first-tier cities is likely to shrink.