January 24, 2017 3:45 am JST

Evergrande takes China's 2016 real estate crown

Longtime sales leader Vanke knocked from top spot

YU NAKAMURA, Nikkei staff writer

High-rises tower over Shenzhen in China's Guangdong Province.

GUANGZHOU -- China Evergrande Group for the first time claimed the top spot in Chinese real estate sales in 2016, supplanting rival China Vanke.

Based in Guangdong Province, which includes the metropolises of Shenzhen and Guangzhou, Evergrande sold condominiums in more than 100 cities nationwide last year. Its property sales shot up 85% from 2015 to 373.3 billion yuan ($54.4 billion), benefiting from soaring condo prices in mainly large cities, as investment money gravitated to real estate amid a lackluster stock market.

Vanke's sales climbed 40% to 364.7 billion yuan. Ranking third was Country Garden, which is also based in Guangdong Province and saw sales double to 308.8 billion yuan.

Vanke had stood atop China's real estate industry for many years, but in late 2015 it was subjected to hostile bids by investment companies and later allowed Evergrande to acquire a large stake. This disruption appears to have been a factor in Evergrande taking the lead.

Evergrande spent some 36.3 billion yuan buying Vanke shares, amassing a more than 14% stake and raising the possibility of playing an active role in Vanke's management in the future.

Asia300

China Vanke Co., Ltd.

China

Market(Ticker): HKG(2202)
Sector:
Industry:
Finance
Real Estate Development
Market cap(USD): 36,877.7M
Shares: 11,039.2M

Get Insights on Asia In Your Inbox

To read the full story, Subscribe or Log in

Get your first month for $0.99

Redeemable only through the Subscribe button below

Once subscribed, you can…

  • Read all stories with unlimited access (5 articles per month without subscription)
  • Use our smartphone and tablet apps

To read the full story, Subscribe or Log in

3 months for $9
SUBSCRIBE TODAY

Take advantage of this limited offer.
Subscribe now to get unlimited access to all articles.

To read the full story, Update your account

Resubscribe now to continue reading.
BEST OFFER:
Only US$ 9.99 per month for a full-year subscription

To read the full story, Subscribe or Log in

Once subscribed, you can…

  • Read all stories with unlimited access (5 articles per month without subscription)
  • Use our smartphone and tablet apps

To read the full story, Subscribe or Log in

3 months for $9
SUBSCRIBE TODAY

Take advantage of this limited offer.
Subscribe now to get unlimited access to all articles.

To read the full story, Update your account

We could not renew your subscription.
You need to update your payment information.