China's top 100 developers recorded combined sales of 1.44 trillion yuan ($199 billion) from January to May, a 10.8 percent year-on-year decline, according to the latest data from real estate market consultancy China Index Holdings.根据房地产市场咨询机构中指控股的最新数据，今年1月至5月，中国百强房企累计实现销售额1.44万亿元人民币（1990亿美元），同比下降10.8%。The contraction remained largely unchanged from the first four months of this year, with only a marginal 0.6 percentage point narrowing, underscoring the continued challenges faced by the sector.销售降幅与今年前四个月相比基本持平，仅小幅收窄0.6个百分...
China's top 100 developers recorded combined sales of 1.44 trillion yuan ($199 billion) from January to May, a 10.8 percent year-on-year decline, according to the latest data from real estate market consultancy China Index Holdings.
根据房地产市场咨询机构中指控股的最新数据，今年1月至5月，中国百强房企累计实现销售额1.44万亿元人民币（1990亿美元），同比下降10.8%。
The contraction remained largely unchanged from the first four months of this year, with only a marginal 0.6 percentage point narrowing, underscoring the continued challenges faced by the sector.
销售降幅与今年前四个月相比基本持平，仅小幅收窄0.6个百分点，突显出该行业面临的持续挑战。
The monthly data also revealed an intensifying downward trend, with May sales alone falling 17.3 percent year-on-year, a 0.5 percentage point wider decline compared to April.
月度数据还显示下行趋势加剧，仅5月份销售额就同比下降17.3%，降幅较4月扩大0.5个百分点。
The gradual deterioration in sales performance came despite some variations across different tiers of developers.
尽管不同梯队的开发商表现存在差异，但销售业绩仍持续走低。
While firms ranked 31-50 managed to limit their sales decline to 3.6 percent, other segments saw more pronounced decreases, particularly those ranked 51-100 where sales plummeted by over 15 percent, according to the CIH data.
根据中国指数研究院（CIH）的数据，排名第31至50名的房企成功将销售额降幅控制在3.6%，而其他梯队则出现了更显著的下跌，尤其是排名第51至100名的房企，其销售额暴跌超过15%。
In addition, market concentration appeared to be increasing, with 33 developers maintaining sales above 10 billion yuan, matching last year's performance in the same period.
此外，市场集中度似乎正在提高。有33家开发商的销售额维持在百亿元以上，与去年同期持平。
Within this group, the number of developers surpassing 50 billion yuan actually increased by one to eight, while those crossing the 5 billion yuan threshold fell by six to 64, highlighting how larger developers are demonstrating relative resilience even as their smaller counterparts face growing operational pressures in an increasingly competitive environment.
在这一梯队中，销售额突破五百亿元的开发商数量实际上增加了一家，达到八家，然而销售额跨过五十亿元门槛的开发商数量则减少了六家，降至64家。这凸显出，在竞争日益激烈的环境下，规模更大的开发商正展现出相对较强的韧性，而规模较小的同行则面临着越来越大的经营压力。
Despite persistent market headwinds, there are also emerging signs that supportive policy measures and sales strategies are starting to take effect.
尽管市场逆风持续存在，但也开始出现一些迹象，表明支持性政策措施和销售策略正在开始发挥作用。
Real estate information provider CRIC data showed that more than half of leading developers saw month-on-month sales improvements in May, with 22 firms posting gains of over 30 percent. Several major players such as Greentown China and China Jinmao achieved both year-on-year and month-on-month growth.
房地产信息提供商克而瑞（CRIC）的数据显示，5月份超过半数的领先开发商销售额实现环比增长，其中22家企业的增幅超过30%。绿城中国、中国金茂等几家主要房企更是实现了同比和环比的双增长。
The rising signs of stabilization come against a backdrop of significant policy easing.
这些初现的稳定迹象，出现在政策大幅宽松的背景下。
In May, the People's Bank of China, the country's central bank, implemented a comprehensive monetary easing package, including a 50-basis-point cut to the reserve requirement ratio and a 10-basis-point reduction in the policy interest rate, with the current 5-year loan prime rate adjusted downward from 3.6 percent to 3.5 percent.
5月，中国央行中国人民银行实施了一套全面的货币宽松政策组合，包括下调金融机构存款准备金率50个基点，以及下调政策利率10个基点。当前，5年期以上贷款市场报价利率（LPR）已从3.6%下调至3.5%。
Looking ahead to June, CIH expects the current policy loosening to continue, potentially bolstered by developers' midyear sales pushes.
展望六月，中指研究院（CIH）预计当前的政策放松态势将持续，并可能因开发商的年中促销冲刺而得到强化。
"With the midyear sales season approaching, developers are expected to accelerate project launches and intensify promotional efforts," it said.
中指研究院表示：“随着年中销售季临近，开发商预计将加速推盘并加大促销力度。”
While core cities may sustain their recovery momentum, market divergence across different cities and between new and existing projects is likely to persist, CIH said.
中指研究院表示，虽然核心城市可能保持复苏势头，但不同城市之间、新房与二手房市场之间的分化现象将持续。
China Index Holdings
中指研究院
contraction
/kənˈtrækʃ/
n.收缩; 缩小
real estate
/ˈri: əl əsteɪt/
n.房地产;不动产
interest rate
利率
midyear sales pushes
年中大促
