【房地产】11月百强房企销售额环比-12%，年内累计同比降幅-19%——百强房企销售跟踪（2025年11月）（何缅南/韦勇强）

Core Viewpoint - The real estate market is experiencing a significant decline in sales, with major companies reporting substantial year-on-year decreases in sales figures for November 2025 and the cumulative period from January to November 2025 [4][5][6]. Group 1: Sales Performance of Top Real Estate Companies - In November 2025, the top 10 real estate companies reported total sales of 127 billion yuan, a year-on-year decrease of 29.8% and a month-on-month decrease of 9% [4]. - For the period from January to November 2025, the total sales for the top 10 companies reached 1.48 trillion yuan, reflecting a year-on-year decline of 17% [4]. - The top 100 real estate companies saw total sales of 244.3 billion yuan in November 2025, down 36.8% year-on-year and 11.7% month-on-month [5]. Group 2: Median Sales Data and Company Performance - Among the top 50 real estate companies, the median year-on-year sales change for November 2025 was -43.4%, with an average decline of 25.2% [6]. - In November 2025, only 3 out of 20 major companies reported positive year-on-year sales growth, with China State Construction achieving a 58% increase [6]. - For the cumulative period from January to November 2025, only 2 out of 20 major companies reported positive sales growth, with China Jinmao and Greenland Holdings both achieving a 21% increase [6]. Group 3: Market Concentration and Trends - The sales concentration ratios for the top 10, 20, 50, and 100 real estate companies were 14.1%, 18.7%, 24.9%, and 29.3% respectively, showing a year-on-year decline [7]. - The concentration ratios have slightly improved compared to the previous months, indicating a potential stabilization in market dynamics [7].