China has a new real estate sales champion, as development of overseas projects has helped move Shanghai’s Greenland Group to the top of the country’s property sector.
According to figures released this week, state-owned Greenland increased its contracted sales in 2014 to RMB 240.8 billion, a jump of 47 percent over the previous year. The developer also stepped up the total area that it sold to 2.1 million square metres, a leap of 30 percent over 2013’s figure.
Despite a well-publicised real estate slump, according to declared 2014 sales figures and estimates based on records to date, all of China’s top ten developers increased their sales by at least 4 percent last year, with Greenland having achieved the biggest increase in new contract value in the industry.
|2014 Rank||Name||2014 Sales (RMB Bil)||2013 Sales (RMB Bil)||Y-O-Y Growth||2013 Rank|
|3||Dalian Wanda Commercial Properties||147.0||130.1||12.98%||3|
|4||Poly Real Estate Group||137.0||125.1||9.51%||4|
|5||Evergrande Real Estate Group||131.7||108.3||21.66%||7|
|6||Country Garden Holdings||128.8||109.7||17.38%||6|
|7||China Overseas Land & Investment||122.1||117.0||4.36%||5|
|8||China Resources Land||72.2||68.1||6.02%||8|
|9||Shimao Property Holdings||71.2||67.1||6.16%||9|
|10||Greentown China Holdings||66.0||55.4||19.18%||10|
Vanke Ousted From Number One Spot
Greenland’s strong showing in 2014 allowed it to move past long-term industry leader China Vanke as the top-selling developer in China.
Shenzhen-based Vanke released its 2014 sales figures yesterday, and despite having talked down the market several times last year, still managed to increase its contracted sales for the 12 month period to RMB 215.13 billion, a 23.6 percent increase over 2013. The Hong Kong-listed developer also increased the total area that it sold by 21.1 percent to 18 million square metres.
Despite having the second-highest growth rate among China’s top ten developers, however, Vanke was still bumped from the top-ranked position that it had held for the last five years.
Greenland Helped by Overseas Projects
During 2013 and 2014 Greenland Group was one of the most aggressive developers of international projects among China’s big real estate firms and these global sales helped raise its top line.
According to a statement from Greenland chairman Zhang Yuliang, the group achieved revenue from overseas projects of RMB 15.3 billion last year, an increase of 467 percent over 2013.
Over the past two years Greenland has invested in 11 overseas projects including developments in Sydney, Melbourne, Los Angeles, Brooklyn, Toronto and London, and the group made it clear that it is now starting to reap the benefits from these deals. According to Greenland’s statement the company sold 420,000 square metres of space at its overseas projects during 2014.