Guotai Haitong Securities has released a research report maintaining an "overweight" rating for the real estate sector. With September marking the traditional marketing peak season, the firm believes it is highly likely that property developers will accelerate project launches and increase discount offerings. Additionally, core tier-1 cities represented by Beijing and Shanghai have already introduced favorable policies such as relaxed purchase restrictions, with Shenzhen expected to follow suit acceleratedly.

As the real estate industry enters the off-season and considering the high base period in Q4, the firm suggests monitoring September overseas interest rate cuts and domestic macro monetary policy space expansion, as well as the implementation of urban renewal and land acquisition policies.

**August 2025 Top 100 Developers Show Widening Year-over-Year Sales Decline**

According to sales performance ranking data released by CRIC for August 2025, the top 100 property developers achieved contracted sales of 2,070.86 billion yuan, down 13.1% compared to the same period in 2024, with the decline widening by 0.5 percentage points from July 2025. Equity sales reached 1,619.70 billion yuan, down 14.4% year-over-year, with the decline expanding by 0.9 percentage points from July 2025, representing an equity ratio of 78%.

The top 50 property developers recorded contracted sales of 1,798.48 billion yuan in August 2025, down 12.3% year-over-year, with the decline narrowing by 0.03 percentage points from July 2025. Equity sales totaled 1,375.89 billion yuan, down 13.6% year-over-year, with the decline widening by 0.3 percentage points from July 2025, representing an equity ratio of 77%.

Comparing the contracted sales thresholds between August 2024 and 2025, the TOP1-10 developers' sales threshold declined by 4.3% year-over-year, dropping from 58.6 billion yuan to 56.1 billion yuan, showing the smallest decline relatively. The TOP51-100 threshold showed the largest relative decline, falling from 4.6 billion yuan to 3.5 billion yuan, down 23.9% year-over-year.

**Nearly 30% of Top 100 Developers Achieved Positive Monthly Sales Growth in August 2025**

In terms of August 2025 monthly contracted sales, Greentown China topped the list with 19.5 billion yuan, followed by China Merchants Shekou at 18.5 billion yuan. China Resources Land, Poly Developments, and China Overseas Land & Investment recorded monthly sales between 11.9-17.8 billion yuan, while C&D International Group, Sinic Holdings, and China Vanke achieved sales in the 7.6-8.4 billion yuan range.

Looking at August 2025 monthly contracted sales growth rates, 12 companies among the top 50 developers achieved positive year-over-year growth. Bangtai Group recorded the highest growth rate at 215.5%, followed by Tahoe Group at 158.8%. Among the declining companies, China Communications Construction and Wuhan Urban Construction both fell by more than 55%.

For cumulative contracted sales from January to August 2025 compared to the same period in 2024, 15 companies among the top 50 developers achieved positive growth. Notably, Seazen Holdings experienced a year-over-year decline exceeding 50%.

**Risk Warning:** Sluggish sales and industry volume decline risks.