Greenland Group Chairman Zhang Yuliang: This Year is a Critical Year for the Real Estate Market, With Full Efforts to Halt Declines and Stabilize Before Moving Toward Healthy Development

Financial Daily Reporter | Zhang Rui Financial Daily Editor | Wei Wenyí

From March 22 to 23, the China Development High-Level Forum 2026 Annual Conference was held at the Diaoyutai State Guesthouse in Beijing.

During the conference, Zhang Yuliang, Chairman and President of Greenland Group, was interviewed on-site by a reporter from Daily Economic News (hereafter referred to as “Daily Econ News reporter”).

Zhang Yuliang stated in the interview that over the past period, influenced by multiple factors, China’s real estate industry has undergone a deep adjustment. The market supply and demand relationship has changed significantly, with both sales volume and prices dropping sharply, impacting the real economy, financial security, and residents’ household wealth.

In response, both central and local governments have undertaken substantial efforts to stabilize the real estate market, achieving certain results. “Since the beginning of this year, some large cities’ real estate markets have shown signs of stabilization after deep adjustments.”

Greenland Group Chairman Zhang Yuliang Photo source: Provided by interviewee

On Real Estate: The Turning Point Depends on Policy Strength and Market Response

Zhang Yuliang believes that overall, China’s real estate industry’s deep adjustment has not yet ended. The majority of cities still face sluggish markets and declining asset prices, which have not been fundamentally reversed. More efforts are needed to push the market toward stabilization.

When asked whether the market’s turning point might occur this year or next, Zhang Yuliang admitted that it depends on policy strength and market response. Currently, leading cities need to shoulder the responsibility of stabilizing expectations. For example, in Shanghai, recent policies called “Shanghai Seven Measures” relaxed many home-buying restrictions, leading to a noticeable increase in market activity. “Two years ago, the monthly transaction volume of second-hand homes in Shanghai was about 20,000 units. After the new policies, March this year is expected to reach 30,000 units. This indicates that old homes are being replaced and new purchasing power is entering the market, which in turn positively affects first-hand home sales.”

In Zhang Yuliang’s view, if financial and tax policies are properly implemented, and residents’ income and wealth can be stabilized, the real estate market in leading cities like Shanghai can quickly stabilize. Once these cities stabilize, provincial capitals and prefecture-level cities will follow suit. This way, the entire real estate market can stabilize, and the bottom formation will be in place.

“If the bottom of the real estate market can be reached this year, a healthy market with annual new housing increments of 5 to 6 trillion yuan and second-hand housing increments of 8 to 9 trillion yuan can be maintained. Regarding affordable housing, the government is working hard. Currently, the repurchase cost is relatively low (60-70% of market price), providing support for new residents and ordinary citizens.” Zhang Yuliang said that once both the market and the保障 (security/support) side stabilize, the real estate industry can continue to play a significant role in the national economy.

To further promote the stabilization of the housing market, Zhang Yuliang believes that on one hand, policies need to be continuously strengthened, with a series of supportive administrative and financial measures to create a favorable environment, further improve and stabilize market expectations, release and enhance market purchasing power, and increase market activity; on the other hand, real estate companies must “reborn from the ashes,” focusing more on innovation-driven transformation and development, forging a new path in the new era to promote steady and healthy industry growth.

On Transformation: Long-term Optimism for New Energy Vehicle Export Growth

Energy supply security and the export of new energy vehicles are key new tracks Greenland aims to develop. Against the backdrop of tense Middle East tensions and soaring energy prices, will these sectors face major opportunities?

In response, Zhang Yuliang told Daily Econ News that from a profit perspective, these two new industries are our new growth curves. We believe there is great potential and a solid foundation, and we have already laid out many points.

Zhang Yuliang mentioned that in traditional energy, the company mainly undertakes coal supply security projects and state-owned responsibilities, reducing costs and improving efficiency through logistics and technological adjustments (such as blending 5,000 kcal and 3,000 kcal coal). “In the new energy sector, we are also continuously exploring and investing.”

“Export of new energy vehicles is a key focus for us since last year.” Zhang Yuliang said that Chinese new energy vehicles account for over 50% of global incremental sales; recently, China’s exports of new energy passenger cars surpassed 50% of total passenger car exports for the first time. “Last year, we mainly focused on the Middle East, and are also expanding into markets like Mexico, South America, and Southeast Asia.”

Zhang Yuliang noted that the UAE is a rapidly growing market for new energy vehicles in the Middle East, with Chinese products having clear advantages and strong competitiveness, highly favored by consumers. “We built a showcase center there, and after visiting, all merchants and distributors praised Chinese new energy vehicles—regardless of quality, price, or service.”

He added that, in the short term, the US-Israel-Iran conflicts do have some impact. Earlier this year, plans to build service and logistics centers in Dubai were hindered; at the end of February, vehicles worth 70 million yuan ordered by the company could not be shipped due to logistics disruptions. “But I believe this market is still there.”

In Zhang Yuliang’s view, the long-term trend of growth in new energy vehicle exports is certain. Despite US restrictions, China’s trade continues to grow because: first, consumer willingness to buy remains unchanged; high cost-performance products always find a market. Second, China’s supply chain and trade relationships with global companies are difficult to sever. Even with obstacles, Chinese companies can still go abroad, demonstrating strong resilience.

“China can export, and local companies will help sell your products—market forces are at work.” Zhang Yuliang said that technological progress mainly aims to reduce costs and increase added value, thereby improving cost-performance. Market-driven profit motives will support global trade, and government intervention can only be a temporary restriction.

On Stabilizing Expectations: The Core Is Stabilizing Asset Prices

Zhang Yuliang stated that entering the “14th Five-Year Plan” period, China’s economy has seen many positive changes, and social expectations are gradually improving, with market confidence steadily rising. However, due to complex domestic and international factors, many cyclical and structural issues remain intertwined. Many primary enterprises still face operational difficulties, and residents’ wealth growth is under pressure. The weak economic and social development expectations have not been fundamentally reversed.

Therefore, Zhang Yuliang believes that multiple measures are needed to further strengthen the economy and boost confidence.

Specifically, policy efforts should continue to intensify. On one hand, more measures conducive to stabilizing growth and expectations should be introduced based on actual conditions, while cautiously implementing policies that may have contraction or suppression effects. On the other hand, ensuring the effective implementation of policies is crucial, especially addressing the “temperature difference” between regions, to make a series of policies aimed at stabilizing growth and promoting development precise and swift.

Second, stabilizing expectations hinges on stabilizing key matters, especially asset prices. Real estate is vital for stabilizing growth, social wealth, and livelihoods; the stock market is also critical as a platform for expanding residents’ property income and sharing economic growth benefits. These are core supports for stabilizing expectations. Therefore, it is necessary to accurately grasp new developments and issues in the housing and stock markets, and adopt stronger, more precise measures to continuously stabilize these markets.

Third, it is essential to establish correct views on government performance, prioritizing practical development efforts. Expectations are not automatic; they require effort to realize. A practical, results-oriented atmosphere should be fostered, forming a societal consensus on development.

Fourth, accelerating innovation and transformation is vital, creating more of the “Three New” (new industries, new formats, new models) to form a strong force for China’s economy to move toward new and better development. Scientific and technological innovation is the fundamental driver. Global competition relies on technology; advanced technology boosts productivity and export opportunities. Currently, China’s large-scale exports are driven by low costs, good technology, and practicality. Despite administrative barriers and protectionism, market demand and consumer preferences cannot be stopped. Even with tariffs, Chinese products remain affordable and high-quality. With low production costs, high labor productivity, and significant technological progress, breakthroughs in fields like innovative medicine and green energy could annually generate new “Three New” sectors, greatly enhancing international competitiveness.

Finally, entrepreneurial spirit is the intrinsic driving force of the economy. Promoting entrepreneurial spirit and achieving more landmark breakthroughs can boost market confidence. Without entrepreneurs and enterprise efforts, technological progress and social prosperity are impossible.

Disclaimer: The content and data in this article are for reference only and do not constitute investment advice. Please verify before acting. Use at your own risk.

Cover image source: Provided by interviewee