The financial health of China’s property developers is deteriorating, with shrinking assets and widening losses underscoring the severity of the industry’s multiyear downturn, a recent report showed.
The combined assets of 33 sample developers listed on the Chinese mainland fell 11% year-on-year to 7.7 trillion yuan ($1.06 trillion) in the third quarter of 2025, according to a report by GF Securities Co. Ltd. The decline marks a steeper drop from the 10.4% contraction recorded in 2024.
The decline began in 2022 and has since expanded each year. A more telling sign of this trend is the 15.6% year-on-year drop in their combined net assets. Among the 33 companies, only six posted year-on-year asset growth.
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