, November 11 (Zhongxin Financial Reporter Zuo Yukun) With the successive disclosure of the third quarter performance reports of listed real estate companies, the sales rankings of the first 2 months have also been released. Among the leading real estate companies that have attracted much attention, there have been some ranking shifts and development differentiations.

After the release of a round of high-frequency and large-scale policies in the third quarter, the property market in various places has experienced the process of demand gradually entering the market and transactions rising and falling. In the continuous bottoming, how should real estate companies seize the opportunity in the "revenue war" in the fourth quarter?

Data map: Aerial photography of real estate. Photo by Chen Guanyan

The "leader" has changed

According to the "Sales Performance Ranking of China's Real Estate Enterprises from January to October 2023" released by the China Index Research Institute, the total sales of the top 1 real estate companies in the first 10 months were 100,10.52977 billion yuan, a year-on-year decrease of 13.1%.

In the context of the market in a period of adjustment, the ranking of real estate companies has also undergone a lot of changes. In the sales list from January to October last year, the top five sales were Country Garden, Poly Development, Vanke, China Overseas Real Estate, and China Resources Land; Under the same dimension this year, the top five have become Poly Development, Vanke, China Overseas Real Estate, China Resources Land, and China Merchants Shekou.

After a year of market adjustment, Poly Development and Vanke are still shining "twin stars". Among them, Poly Development ranks first in the industry with an advantage of 565.5 billion yuan ahead of the second place, which can be described as the sales scale of a medium-sized real estate enterprise.

At the 2022 annual work conference of Poly Development at the beginning of 2022, Chairman Liu Ping put forward the new goal of "entering three and striving for one". Although at the 4 annual results briefing in April this year, the management avoided mentioning this matter, but only focused on "continuing to strengthen and expand itself". But now, it is clear that this goal has been achieved.

In addition, Poly Development's third quarterly report disclosed that in the first three quarters of this year, the operating income was 1925.06 billion yuan, and the net profit attributable to shareholders of listed companies was 132.93 billion yuan, an increase of 23.10% and 1.33% year-on-year respectively.

According to the third quarterly report released by Vanke, from January to September, the group achieved a cumulative operating income of 1.9 billion yuan, a year-on-year decrease of 2903.1%; The net profit attributable to shareholders of the listed company was 14.0 billion yuan, a year-on-year decrease of 136.2%.

Recently, the abnormal movement of Vanke's dollar bonds has also had an impact on the stock price. On October 10, Vanke responded on the investor interactive platform that the recent changes in the trading of some domestic and foreign bonds of the company were not due to any problems with the company's fundamentals, but mainly due to market sentiment fluctuations. At the same time, there were false speculations about the company in the overseas market, which led to a sharp fluctuation in the price of the company's US dollar bonds at the end of last week. The company is currently operating normally.

Although in terms of sales amount, Country Garden has withdrawn from the TOP5, it is still "unbeatable" in terms of sales area. According to the data of the China Index Research Institute, Country Garden ranked first with 2517.2 million square meters. The industry generally believes that this is related to Country Garden's long-term strategy of focusing on third- and fourth-tier cities.

Today, Country Garden has also begun to change its strategy. At the 2022 results meeting, Yang Huiyan, chairman of the board of directors of Country Garden, said that in terms of layout, it has shifted from the original focus on third- and fourth-tier cities to the layout of first- and second-tier cities and third- and fourth-tier cities.

"Dark horses" are frequent

China Merchants Shekou's earning power is also among the best. According to its third-quarter report, in the first three quarters of 2023, China Merchants Shekou achieved revenue of 758.38 billion yuan, net profit attributable to shareholders of listed companies of 257.217 billion yuan, and net cash flow from operating activities of <>.<> billion yuan, a year-on-year increase of <>%.

Since the beginning of this year, China Merchants Shekou's land resources have further focused on first-tier cities such as Beijing, Shanghai and Shenzhen, as well as key cities such as Hangzhou, Suzhou and Xiamen. According to the analysis, China Merchants Shekou adheres to the strategy of deep cultivation in core areas, and its investment resources are mainly focused on core key cities, laying the foundation for the company's high-quality development, especially in Beijing and Shanghai.

In terms of growth rate, Binjiang Group is also a bright performer in the top 10. In the first three quarters of this year, Binjiang Group achieved revenue of about 463.93 billion yuan, a year-on-year increase of 133.5%; The net profit attributable to the parent company was about 24.73 billion yuan, a year-on-year increase of 20.23%.

It is worth noting that since the beginning of this year, Binjiang Group has maintained single-quarter revenue growth for three consecutive quarters; As of the end of the third quarter, the company's operating income has exceeded the revenue of the whole of last year. Binjiang Group also said on the investor interactive platform that the company's existing sales projects are mainly in the Yangtze River Delta, especially in Hangzhou, so the company's cash flow is sufficient and the asset turnover rate ranks among the best in the industry.

Although it has not yet ranked among the top 102 real estate companies, small real estate companies and famous cities have become the "growth king" in the first three quarters. The third quarterly report shows that in the first three quarters, the company's revenue was 3.184 billion yuan, a year-on-year increase of 53.6%, and the net profit attributable to shareholders of listed companies was 46 million yuan, a year-on-year increase of 1655.86%.

Data map: A view of the city. Photo by Zuo Yukun by

Sprint to the fourth quarter

Since the end of August, favorable policies have been frequently introduced, and restrictive policies in most cities have been basically liberalized. Driven by the continuous favorable policies, the sales scale of some core cities continued to grow month-on-month, but with the passage of time, the real estate market as a whole is still facing certain pressure.

From a policy point of view, Chen Wenjing, director of market research at the China Index Research Institute, believes that continuing to reduce the down payment ratio, reducing mortgage interest rates, and reducing transaction taxes and fees will still be important measures for core cities to support rigid and improved housing demand; In addition, in order to better meet the demand for improved housing, it is expected that the price cap policy will be optimized, promoting the return of high-quality housing prices to the market.

From the perspective of real estate companies, "judging from the current sales ranking of real estate enterprises, the number of unfamiliar real estate companies is relatively large, which actually shows that the real estate industry has undergone a major adjustment." Yan Yuejin, research director of the E-House Research Institute, said that at present, all kinds of real estate companies should make full use of the sales window period and actively do a good job in annual sales.

According to the experience of previous years, at the end of the year, real estate companies often adopt the sales strategy of 'exchanging price for volume'. CRIC Research Center also believes that at present, enterprises still need to strengthen supply and marketing efforts to boost transaction decentralization. Ding Zuyu, executive director of Shanghai E-House Real Estate Research Institute and chairman of CRIC Group, mentioned that since 2023, real estate companies have adopted differentiated marketing methods for different projects, and "one policy" runs through daily marketing activities.

"Among them, the marketing activities of special rooms continue to increase. From January to October 2023, 1% of the discount marketing activities of the top 10 real estate companies this year include 'special rooms'. Judging from the market feedback, the response of the special room promotion market is differentiated, and the effect is more obvious for projects with a certain flow rate. Ding Zuyu said. (ENDS)