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In 2023, the real estate industry is still in a downward cycle, but the operating income of real estate enterprises has shown signs of stabilizing and recovering.

According to statistics from reporters, in 2023, large and medium-sized real estate enterprises listed on A-shares and H-shares (hereinafter referred to as "sample real estate enterprises", the selection criterion is companies with contract sales exceeding 10 billion yuan in 2023 and their main business is real estate development, excluding Country Garden and China Evergrande, which have not yet published annual reports, a total of 54 companies) will achieve a total operating income of 4spincoinmasterhaktuts.1 trillion yuan, a year-on-year increase of 3.4%. After experiencing a sharp decline in revenue in 2022, half of the companies 'revenue bottomed out and stabilized, achieving positive growth.

Along with the shrinking balance sheet, the leverage ratio of leading real estate enterprises has further declined, and the asset-liability structure has been more optimized. The median asset-liability ratio of leading real estate enterprises with sales of more than 100 billion yuan in 2023 after deducting advance receipts is 62.63%, a decrease of 3.4 percentage points from 2022 and a new low in nearly nine years. The effect of reducing leverage is significant.