The Zhitong Finance App learned that Zhongtai Securities released a research report saying that the sales side of the real estate industry continued to bottom out at a low level from January to July 2026. Market momentum declined somewhat in July due to the impact of the traditional low sales season, and there was no significant narrowing of the year-on-year decline. Overall, the underlying direction of the real estate policy continues, the housing purchase support policy continues to be optimized, and the policy environment remains relaxed, which helps stabilize market expectations. It is expected that as the effects of the policy are further transmitted to the market side, market expectations are expected to gradually improve, and the fundamentals of the industry are expected to gradually be restored. The bank continues to be optimistic about the medium- to long-term allocation of the real estate sector. It is recommended to focus on housing enterprises with a layout of Tier 1 and 2 cities, stable fundamentals, and a high margin of safety.
The main views of Zhongtai Securities are as follows:
incident
PrySmart released the top 100 sales rankings of real estate companies in July 2026. The monthly full-caliber sales volume of the top 100 real estate companies decreased by 13.3% year-on-year. Zhonghai Real Estate ranked first in the industry in monthly sales, achieving sales of 15.1 billion yuan. Poly Development and China Resources Land ranked second and third, achieving sales amounts of 14.9 billion yuan and 14.1 billion yuan respectively in a single month.
Industry: Sales momentum declined during the off-season, and policy support helped the market bottom out
In July, the top 100 housing enterprises achieved a total monthly sales amount of 196.3 billion yuan, -13.3% year-on-year, and -39.6% month-on-month. The month-on-month decline increased by 1 pct, and the month-on-month decline changed from increase to month-on-month. In July, the Politburo meeting placed “stabilizing the real estate market” under the expression “effectively building a strong safety barrier”. The State Council simultaneously reviewed and approved the draft revisions to the Provident Fund to expand the scope of use of the Provident Fund. The policy side continued to underpin the tone, showing the long-term strength of the policy to stabilize market expectations and promote the smooth transformation of the industry. Meanwhile, the traditional sales season began in July. Momentum weakened, sales declined slightly from month to month. The year-on-year decline did not narrow significantly, and the pace of market recovery was still moderate. However, the underlying direction of the policy has not changed, and the housing purchase support policy continues to be optimized, which helps stabilize market expectations. Overall, the real estate market is still bottoming out, and the policy environment maintains a relaxed tone. As policy effects are further released and market expectations gradually improve, the sales side is expected to usher in marginal improvements.
Real estate enterprises: The sales performance of leading housing enterprises is relatively strong, and some enterprises have achieved year-on-year growth
The number of housing enterprises with monthly sales exceeding 10 billion dollars in July was 4, a decrease of 1 compared to the same period last year. Zhonghai Real Estate achieved full-caliber sales of 15.1 billion yuan in a single month, while Poly Development and China Resources Land achieved monthly sales amounts of 14.9 billion yuan and 14.1 billion yuan respectively, ranking among the top three in the industry. Judging from the sales growth rate, the performance of the TOP1-5 real estate companies ranked in July was superior to the rest of the echelons. TOP6-15 and TOP31-100 showed a downward trend; among the TOP30 housing enterprises, the number of housing enterprises with positive sales growth reached 15. Among them, the year-on-year growth rates of China Construction Zhidi and Lujiazui were 481.8% and 355.9%, respectively.
Risk warning: Sales fall short of expectations, real estate policy relaxation falls short of expectations, and there is a risk that public data used in research reports may lag behind or not be updated in a timely manner