March real estate transaction rebound: Leading housing companies see a 127.1% month-on-month sales increase

◎ Reporter Zhang Liang

Under a series of ongoing policy supports, the real estate market showed signs of warming in the first quarter of this year, presenting a steady and positive trend. On April 1, the latest data released by research institutions indicated: in March, the transaction area of new commercial residential properties in 50 key cities nationwide was approximately 11.33 million square meters, an 89% increase month-on-month; the transaction area of second-hand homes in 20 key cities was about 17.97 million square meters, a 117% increase month-on-month. Meanwhile, property developers also experienced a significant rebound in sales, with 100 typical developers achieving a sales rights amount of 206.52 billion yuan in March alone, a 127.1% increase month-on-month.

16 developers achieved sales of over 31k yuan in the first quarter

Since the beginning of this year, signals of a market rebound have continued to emerge. Data from the National Bureau of Statistics show that in February 2026, the sales prices of commercial residential properties in 70 large and medium-sized cities continued to narrow their month-on-month decline, with more cities seeing prices rise or stay flat compared to the previous month. According to monitoring data from the Prudence Smart Research Center, in March, the transaction area of new commercial residential properties in 50 key cities nationwide was about 11.33 million square meters, an 89% increase month-on-month.

The sales side of property developers has seen a notable increase. According to data from the Prudence Smart Research Center, in March, 100 typical developers achieved a single-month sales rights amount of 206.52 billion yuan, a 127.1% increase month-on-month, with a total of 426.12 billion yuan in sales rights achieved in the first quarter of this year.

Wang Lin, research director at the China Index Academy, stated that most developers seized the critical period in March to accelerate project launches and promotions. In March, companies such as China Overseas Land & Investment, China Merchants Shekou, China Jinmao, Xingyao Real Estate, China State Construction Smart Land, and Lianfa Group saw significant year-on-year growth in sales performance. These companies, whether state-owned or regional private enterprises, achieved hot sales by creating cost-effective products or high-quality “good houses,” driving sales performance upward.

Data from the China Index Academy shows that in the first quarter of this year, 16 property companies achieved sales of over 10 billion yuan, down by 1 from the same period last year; 28 companies achieved sales of over 5 billion yuan, down by 10 from last year. The change in the number of companies with over 10 billion yuan in sales reflects a shift in the real estate market from scale expansion to high-quality development. This encourages companies to focus more on stable operations, product strength, and service quality, promoting industry toward refined and sustainable growth, which is beneficial for overall risk control and long-term healthy development.

Some private developers performed exceptionally well. Data from the Prudence Smart Research Center shows that among the 100 typical developers, seven companies saw their first-quarter sales increase by more than 100% year-on-year. Private developers such as Junyi Holdings, Maoyuan Holdings, Lian Tai Real Estate, and Hongfa Group ranked among the top five in growth, with Junyi Holdings experiencing the largest increase at 329.4%.

Recently, executives from companies like Longfor Group and Greentown China have expressed relatively optimistic forecasts for the 2026 real estate market. Chen Xuping, Chairman and CEO of Longfor Group, believes that the current adjustment in the real estate industry has been quite substantial. Coupled with continuous policy efforts to stabilize the market, the overall decline this year is expected to narrow significantly, with a return to stability. The rebound in second-hand home transactions will also transmit to the new home market, reflecting increased replacement demand, and companies will prepare their products accordingly.

“Looking ahead to 2026, key policy directions in the real estate market will focus on high-quality urban renewal and the construction of ‘good houses.’ This aligns with industry transformation and market demand changes and will be a core driver of new growth in the sector,” said Li Jun, Executive Director and Vice President of Greentown China. The company will consider industry cycle fluctuations and internal operational realities, maintain stable investment levels, operate prudently, and ensure that sales scale matches operational safety, achieving balanced development in the new stage of industry growth.

Active second-hand housing markets in key cities

Compared to the new housing market, the second-hand market is experiencing a faster pace of heat-up. According to data from the Prudence Smart Research Center, in March, the transaction area of second-hand homes in 20 key cities nationwide was about 17.97 million square meters, a 117% increase month-on-month and a 6% increase year-on-year. In the first quarter, the total transaction area of second-hand homes in these 20 key cities was approximately 41.08 million square meters, up 4% year-on-year.

Looking at the absolute scale of second-hand home transactions in key cities: Chengdu’s second-hand home transaction area reached 2.61 million square meters, a 140% increase month-on-month and a 26% increase year-on-year; Shanghai’s second-hand home transaction area was about 2.28 million square meters, a 164% increase month-on-month and a slight 1% increase year-on-year. First- and second-tier cities like Beijing, Wuhan, Tianjin, Hefei, and Xi’an all saw significant month-on-month growth with transaction areas exceeding 1 million square meters; second- and third-tier cities such as Ningbo, Foshan, and Yangzhou also experienced notable growth in the first quarter, with active second-hand markets.

Taking Shanghai as an example, data from the China Index Academy shows that in March 2026, Shanghai’s second-hand home transactions reached 31,215 units, a new high in nearly five years, up 6.39% from March last year. Notably, since August 2025, Shanghai’s second-hand market has entered a de-stocking phase, and by February 2026, the inventory of listed second-hand homes had decreased by 25.7% from its peak, with supply and demand continuing to improve. In terms of transaction structure, the proportion of transactions below 3 million yuan outside the outer ring increased, indicating a rise in first-time buyers’ willingness to enter the market, and narrowing negotiation margins laid a foundation for future price stability.

Li Gen, head of the Lianjia Research Institute in Shanghai, said that the transaction data of 31k second-hand homes in March confirms a strong return of market confidence. Prices also showed signs of stabilization and recovery, with Shanghai Lianjia data indicating a 1% month-on-month increase in the second-hand home price index in March. Additionally, the number of viewings, a leading indicator, increased by 28% compared to January, providing strong support for future transactions.

“From the performance of key cities nationwide, the housing market shows a clear pattern of leading cities in first-tier regions and structural recovery,” analyzed Zhang Bo, Director of 58 Anjuke Research Institute. Recently, second-hand home transactions in first-tier cities like Beijing and Shanghai have significantly increased, driven by policy-stimulated demand release; core second-tier cities are also warming up, while third- and fourth-tier cities remain relatively flat. Overall, the market has formed a dominant pattern of core city second-hand homes, and the new home market is expected to improve through the unlocking of the second-hand replacement chain. The nationwide real estate market is expected to continue its structural recovery from April to May, with ongoing policy effects and demand release, and local governments may optimize policies during the “May Day” holiday period, maintaining the overall recovery momentum.