Smaller and medium-sized real estate agencies are continuously losing ground and are under pressure for survival as large agencies keep expanding, according to industry experts.
Experts said the Spring Festival holiday was the major factor behind the significant drop in property sales performance nationwide in the first month of 2019 and did not necessarily represent a negative market trend for the industry.
Spring Festival has come and gone, and China's property industry is pondering if the real action is in lower-tier cities, away from the hustle-bustle of metros like Beijing and Shanghai.
China Vanke, the country's biggest property developer, said on Saturday that its sales reached 48.88 billion yuan (about 7.3 billion U.S. dollars) last month, plunging 28 percent year on year.
China's investment in property development grew 9.5 percent year on year in 2018, 2.5 percentage points faster than the pace in 2017, the National Bureau of Statistics (NBS) said on Monday.
Property prices in the nation's major cities remained stable in December as pre-owned home prices in top-tier cities declined month-on-month, and both the new and used residential price growth rate moderated in second and third-tier cities.