Report lists sales of leading realty groups

China Vanke Co, Greenland Group and China Overseas Land & Investment Ltd topped the realty sales list for the first half of the year, according to a key report.

China Vanke maintained pole position with half-year sales of 83 billion yuan ($13.43 billion), according to a report by the China Real Estate Information Corp, a subsidiary of E-House, a real estate services company.

Greenland Group jumped from the fourth to second, with sales of 65.3 billion yuan.

China Overseas Land & Investment Ltd came third with sales of 64.5 billion yuan though it was closely followed by Poly Real Estate Group, with sales of 63.5 billion yuan.

The report said most of the top 50 Chinese realty companies have realized nearly 60 percent of their annual sales target in the first half year.

Soaring sales and improved cash flow have boosted developer confidence in the market.

According to real estate service provider Centaline Group, land transfer fees in the country's four key cities - Beijing, Shanghai, Guangzhou and Shenzhen - in the first five months of this year were 141.18 billion yuan, up 350 percent on the same period last year.

What's more, analysts dismissed concerns the recent credit squeeze would have a significant impact on the property market.

They cited the fact that central government's loan curbs on developers have been in place for a few years, and developers have long steered away from bank loans for financing. Instead, overseas funds, trust companies, and the stock market have become the major source for their financing.

He Tian, head of research at the China Index Academy said household mortgages also remained a premium asset for banks and they are willing to extend more loans to house buyers.