Sales Surge for China's Top Developers

China’s top 10 real estate developers boosted first-half sales 80 percent over last year to a total of 332.3 billion yuan ($49.41 billion), reported the China Securities Journal Monday based on a data from the China Real Estate Information Corporation.

The top developer was China Vanke with first-half sales of 64.42 billion yuan ($9.9 bil.). Second-place Evergrande Property sold 42.9 billion yuan ($6.6 bil.) followed by China Overseas Property with 42.1 billion yuan ($6.5 bil.).

Recent government policies tightening lending for projects in the biggests cities forced developers to shift their focus to second- and third-tier cities. Those markets saw the biggest sales gains, said the report.

“The sales surge comes after we adapted our marketing strategy to the policy switches and market situations, helping us to seize the market share of some small rivals,” said Evergrande CEO Xia Haijun.