Real estate developers
217 companies assessed. 43 of them, 19.8%, sit in the two least protected bands, against 53.3% across all 10,525 companies assessed.
The picture
Real estate development doesn't split along AI lines the way tech sectors do. The real divide here is capital strength and recurring income versus debt-fueled overbuilding, and the China property crash is the dominant story. Dozens of Chinese developers, Evergrande, Country Garden, Sunac, Logan, Aoyuan, Sino-Ocean, Shimao, R&F, are working through defaults and shrinking sales while buyers and lenders retreat to state-backed names like China Overseas Land, China Resources Land, and Poly. Even the state-backed winners are seeing sales fall, just less than their distressed peers, because the whole mainland market is contracting. Outside China, the picture looks completely different. Developers with long-term leases and cash-generating land banks, Sun Hung Kai, CK Asset, the big Tokyo landlords, Vinhomes, Ayala Land, Henderson Land, are holding steady with low pressure and strong staying power. A separate group barely looks like traditional real estate anymore: American Tower, Equinix, Prologis, and Goodman Group own the physical infrastructure, towers, data centers, warehouses, that AI buildout actually needs, and they show almost no pressure at all. The dynamic that decides survival isn't AI adoption, it's whether a developer owns durable income-producing assets or depends on fresh debt and new home sales in a falling market.
All 217 companies, most protected first
| Company | Standing |
|---|---|
| American Campus Communities Largest US student housing developer and operator, running ~170 properties for 150,000 students, owned by Blackstone | Hard to displace |
| American Tower Owns ~150,000 cell towers leased to carriers, plus CoreSite data centers for AI/cloud interconnection | Hard to displace |
| APi Group Fire, life-safety, and specialty inspection/installation services consolidator across North America and Europe | Hard to displace |
| AvalonBay Communities AvalonBay owns about 99,000 apartments in supply-constrained US coastal metros | Hard to displace |
| Ayala Land Philippine real estate developer with malls, offices, hotels, and residential estates | Hard to displace |
| Bechtel Private US engineering and construction giant building LNG, nuclear, and data-center megaprojects worldwide | Hard to displace |
| Berkeley Group Holdings UK developer turning complex London brownfield sites into large residential and mixed-use schemes | Hard to displace |
| Boston Properties BXP owns and leases trophy Class A office towers in major US gateway cities | Hard to displace |
| British Land UK REIT owning and letting London office campuses, retail parks and life-science labs | Hard to displace |
| Brookfield Properties Global landlord and developer running office, logistics, retail, and housing for parent Brookfield | Hard to displace |
| CapitaLand Investment Singapore real estate fund manager running REITs, malls and serviced apartments across 45 countries | Hard to displace |
| CBRE Group World's largest commercial real estate services and investment firm, $40.6B revenue in 2025 | Hard to displace |
| Central Pattana Thailand's biggest shopping mall and mixed-use property developer, built around prime Bangkok land and long leaseholds | Hard to displace |
| Charter Hall Group Australian property funds manager running A$92.2bn for institutions and pension funds | Hard to displace |
| China Resources Land Chinese state-backed developer running malls, offices, and housing across mainland China | Hard to displace |
| Ciputra Development Indonesian developer building large residential townships across 33 cities | Hard to displace |
| CK Asset Holdings Hong Kong property conglomerate with a 122M sq ft land bank and heavy recurring rental income | Hard to displace |
| Clark Construction Group Top-15 US general contractor building federal, commercial, and data-center projects | Hard to displace |
| Comfort Systems USA Installs and services HVAC, electrical, and plumbing systems for buildings and data centers | Hard to displace |
| CRH plc CRH mines and sells aggregates, cement, and asphalt for roads and buildings worldwide. | Hard to displace |
| D.R. Horton D.R. Horton builds and sells more new homes than any other U.S. homebuilder. | Hard to displace |
| Daiwa House Industry Japan's largest homebuilder and developer, spanning housing, logistics, commercial and US homebuilding | Hard to displace |
| DLF Limited India's largest developer, holding an 80-year Gurugram/NCR land bank plus annuity rentals via DCCDL | Hard to displace |
| DPR Construction Employee-owned general contractor building data centers, labs, and hospitals nationwide | Hard to displace |
| Emaar Properties Dubai's dominant developer, builder of Burj Khalifa and Dubai Mall | Hard to displace |
| EMCOR Group EMCOR builds and maintains electrical, mechanical, and HVAC systems for data centers, hospitals, and factories | Hard to displace |
| Equinix Equinix runs neutral colocation data centers connecting networks, clouds, and enterprises worldwide | Hard to displace |
| Equity Residential REIT owning 85,520 coastal apartments in NYC, Boston, DC, SF, Seattle, LA | Hard to displace |
| Extra Space Storage Inc. Largest US self-storage REIT with 4,344 stores across 42 states | Hard to displace |
| Far East Organization Singapore's largest private property developer and residential landlord since 1960 | Hard to displace |
| Federal Realty Investment Trust REIT owning grocery-anchored, mixed-use retail centers in dense, high-income coastal U.S. markets. | Hard to displace |
| Ferrovial Spanish operator of toll roads, airports and construction under long government concessions | Hard to displace |
| Gilbane Building Company 156-year-old family-owned general contractor building data centers, labs, and campuses | Hard to displace |
| Greystar Real Estate Partners Greystar is the largest US apartment manager, running over 1 million rental units nationwide. | Hard to displace |
| Hang Lung Properties Hong Kong landlord operating premium malls (Plaza 66, Grand Gateway 66) across mainland China | Hard to displace |
| Haseko Corporation Haseko builds and manages condominiums across Japan, with construction and lifecycle services. | Hard to displace |
| Henderson Land Development Hong Kong developer building homes, offices and malls on a vast land bank | Hard to displace |
| Hensel Phelps Employee-owned US general contractor building federal, defense, healthcare, and data-center projects | Hard to displace |
| Holcim Swiss cement and building materials giant, world's largest after Amrize spin-off | Hard to displace |
| Host Hotels & Resorts Largest US lodging REIT, owning trophy hotels run by Marriott, Hilton, Hyatt | Hard to displace |
| Invitation Homes Owns and rents out roughly 86,000 single-family houses across the US, the largest such landlord | Hard to displace |
| Jacobs Solutions Global engineering and infrastructure consulting firm running government and industrial programs | Hard to displace |
| Jones Lang LaSalle JLL is a global commercial real estate services and investment management firm | Hard to displace |
| Kajima Corporation Kajima is a 186-year-old Japanese mega-contractor, one of the Big Five building Japan's biggest projects | Hard to displace |
| Kimco Realty Largest grocery-anchored shopping center REIT in the US, 565 properties | Hard to displace |
| Kiwi Property Group Kiwi Property owns and runs New Zealand's largest shopping malls and mixed-use sites | Hard to displace |
| Knight Frank UK-founded global real estate consultancy for prime residential, commercial, and UHNW advisory | Hard to displace |
| Land Securities Group UK's largest listed REIT, owns prime London offices, retail, and mixed-use estates | Hard to displace |
| Larsen & Toubro Construction EPC arm of L&T Group, builds factories, plants, ports and infrastructure across India and abroad | Hard to displace |
| Macrotech Developers Mumbai-based developer building homes and mixed-use projects as Lodha Group. | Hard to displace |
| Mapletree Investments Singapore state-owned real estate investor and manager with S$76.2bn in property assets across 13 markets | Hard to displace |
| MasTec Builds and maintains power grids, pipelines, telecom, and data center infrastructure across North America. | Hard to displace |
| Megaworld Corporation Philippine township developer building live-work-play communities and leasing office/mall space | Hard to displace |
| Mid-America Apartment Communities MAA owns about 105,000 apartment units across 16 Sun Belt states as a public REIT | Hard to displace |
| Mitsubishi Estate Co. Owns and leases Tokyo's Marunouchi/Otemachi office district around Tokyo Station | Hard to displace |
| Mitsui Fudosan Japan's largest developer, owning and leasing prime Tokyo office, retail and residential land | Hard to displace |
| Nomura Real Estate Holdings Japanese developer building condos, offices, and REITs across Tokyo and beyond | Hard to displace |
| Obayashi Corporation 130-year-old Japanese general contractor building infrastructure and data centers | Hard to displace |
| Oberoi Realty Mumbai luxury real estate developer with malls, offices, and hotels alongside residential towers | Hard to displace |
| Pakuwon Jati Indonesian builder of Surabaya and Jakarta malls, offices, hotels, and condos | Hard to displace |
| Peter Kiewit Sons' 140-year-old employee-owned builder of nuclear plants, data centers, and heavy infrastructure | Hard to displace |
| Precinct Properties New Zealand REIT owning premium Auckland and Wellington CBD office and mixed-use towers | Hard to displace |
| Prologis Owns and leases industrial warehouses and logistics real estate worldwide | Hard to displace |
| Public Storage Public Storage owns and rents self-storage space at 4,500+ US properties | Hard to displace |
| Quanta Services Builds and maintains power grids, pipelines, and infrastructure for utilities and data centers | Hard to displace |
| Realty Income Corporation REIT that owns and net-leases 15,500+ retail, industrial, and gaming properties for monthly rent income | Hard to displace |
| Regency Centers Corporation REIT that owns and leases grocery-anchored shopping centers in dense suburbs | Hard to displace |
| Related Companies NYC developer behind Hudson Yards, largest private owner of affordable housing in the US | Hard to displace |
| Robinsons Land Corporation Philippine mall, office, and residential developer under the Gokongwei Group | Hard to displace |
| Samsung C&T Corporation South Korean conglomerate arm that builds megaprojects and trades for the Samsung group | Hard to displace |
| SBA Communications Corporation SBA owns and leases wireless towers to carriers across the US and Latin America | Hard to displace |
| Scentre Group Owns and runs 42 Westfield shopping centres across Australia and New Zealand. | Hard to displace |
| Shimizu Corporation One of Japan's 'big five' general contractors, building since 1804. | Hard to displace |
| Simon Property Group Owns and runs the largest US malls and premium outlet centers | Hard to displace |
| Sino Land Hong Kong developer building and renting homes, offices, malls, and hotels since 1971 | Hard to displace |
| Skanska Swedish construction and development group building for governments, hyperscalers, and infrastructure clients worldwide | Hard to displace |
| SM Prime Holdings Philippines' largest mall, residential, office, and hotel developer, anchored by decades of prime land | Hard to displace |
| Sobha Limited Bangalore-based developer that builds its own glass, metal, and concrete for its housing towers | Hard to displace |
| Starwood Capital Group Private real estate investment firm managing about $130B across opportunistic funds and REITs | Hard to displace |
| Suffolk Construction Suffolk is a 44 year old, employee owned national general contractor building data centers and big projects | Hard to displace |
| Sumitomo Realty & Development Sumitomo Realty develops and leases central Tokyo offices, condos, and land holdings | Hard to displace |
| Sun Hung Kai Properties Hong Kong's largest developer: homes, offices, malls, hotels, and land banking since 1963 | Hard to displace |
| Sunway Group Malaysian conglomerate: property, construction, healthcare, REIT, and leisure, built on Bandar Sunway township | Hard to displace |
| Swire Properties Hong Kong developer owning prime office, retail, and hotel complexes atop transit hubs | Hard to displace |
| Taisei Corporation One of Japan's five super general contractors, building subways, dams, and airports | Hard to displace |
| Takenaka Corporation One of Japan's Big Five general contractors, family-linked roots back to 1610 | Hard to displace |
| Tishman Speyer Family-run developer and manager of trophy office, residential, and life-science real estate | Hard to displace |
| Toda Corporation 145-year-old Japanese general contractor building offices, infrastructure, and floating offshore wind farms | Hard to displace |
| Tokyo Tatemono Co. 130-year-old Tokyo developer owning office towers and building Brillia condos | Hard to displace |
| Tokyu Fudosan Holdings Japanese developer and operator of Shibuya offices, retail, and leased land | Hard to displace |
| Toll Brothers Luxury homebuilder selling high-end, custom houses across US coastal and Sun Belt markets. | Hard to displace |
| Trammell Crow Company CBRE-owned developer that builds warehouses, offices and now huge AI data center campuses | Hard to displace |
| Turner Construction Turner is the largest US general contractor, building data centers, hospitals, and skyscrapers on contract | Hard to displace |
| UDR, Inc. REIT owning 59,782 apartments across 21 supply-constrained U.S. markets | Hard to displace |
| Unibail-Rodamco-Westfield Owns and runs 66 flagship shopping malls across Europe and the US | Hard to displace |
| UOL Group Singapore developer and hotel operator holding concentrated CBD and Orchard Road land | Hard to displace |
| Ventas, Inc. A $47B healthcare REIT owning senior housing, medical offices, and hospitals. | Hard to displace |
| Vicinity Centres Vicinity Centres owns and runs premium Australian shopping centres like Chadstone and Chatswood Chase | Hard to displace |
| Vinci SA French conglomerate running toll roads, airports, and construction/energy contracting worldwide | Hard to displace |
| Vornado Realty Trust NYC landlord owning trophy office and retail towers clustered around Penn Station | Hard to displace |
| Welltower Welltower owns and finances senior housing and medical real estate, leasing to operators nationwide. | Hard to displace |
| Wharf Holdings 140-year-old Hong Kong landlord and port operator behind Harbour City and Times Square malls | Hard to displace |
| Wheelock and Company Family-controlled Hong Kong property group holding Harbour City, Times Square, and Wharf REIC stakes | Hard to displace |
| Whiting-Turner Contracting Company Private, employee-owned US general contractor building factories and data centers | Hard to displace |
| AECOM Global engineering and construction firm running infrastructure, transit, and environmental projects for governments and utilities | Defensible for now |
| American Homes 4 Rent Public REIT that owns, builds, and rents about 61,000 single-family homes across the US | Defensible for now |
| AP (Thailand) Public Company Thai homebuilder selling houses and condos across 200+ active projects nationwide | Defensible for now |
| Balfour Beatty UK builder of roads, rail, defense, nuclear and grid infrastructure worldwide | Defensible for now |
| Barratt Developments UK's largest homebuilder by volume, formed from the Barratt and Redrow merger | Defensible for now |
| Camden Property Trust Camden owns and runs ~59,700 apartment homes across 176 US communities | Defensible for now |
| Champion Homes Champion Homes builds manufactured and modular homes, #2 in the HUD-code market | Defensible for now |
| China Communications Construction Company State-backed Chinese builder of roads, bridges, ports, and dredging fleets worldwide | Defensible for now |
| China Overseas Land & Investment State-backed Chinese developer building and selling homes, focused on Tier-1 mainland cities and Hong Kong | Defensible for now |
| China Railway Construction Corporation State-owned Chinese giant building rail lines, highways and infrastructure at home and abroad | Defensible for now |
| China State Construction Engineering Corporation State-owned giant building most of China's construction, from housing to infrastructure | Defensible for now |
| City Developments Limited Singapore-listed developer and hotel owner controlled by the Kwek family since 1963 | Defensible for now |
| Colliers International Global commercial real estate services and investment management firm | Defensible for now |
| Crown Castle Inc. REIT leasing space on ~40,000 US cell towers to major wireless carriers | Defensible for now |
| Cushman & Wakefield Global commercial real estate brokerage, leasing and facilities management firm | Defensible for now |
| Extell Development Company Private Manhattan luxury developer building supertall towers on owned land and air rights | Defensible for now |
| Fletcher Building NZ's dominant maker of cement, plasterboard, pipes and building products | Defensible for now |
| Goodman Group Australian REIT building warehouses and, increasingly, data centres on owned power-connected land. | Defensible for now |
| GS Engineering & Construction Top-3 Korean builder of apartments, infrastructure, and now AI data centers | Defensible for now |
| Healthpeak Properties REIT that owns hospitals, medical offices and life-science labs, leasing space to healthcare operators | Defensible for now |
| Hochtief AG German construction giant building data centers, roads, and infrastructure worldwide | Defensible for now |
| Hyundai Engineering & Construction South Korean construction conglomerate leading urban redevelopment and nuclear EPC projects | Defensible for now |
| IOI Properties Group Malaysian developer building townships, malls, and Singapore office towers | Defensible for now |
| Iron Mountain Incorporated Records storage giant now betting big on AI-driven data center leasing | Defensible for now |
| Keppel Corporation Singapore conglomerate turning into an infrastructure and real estate asset manager | Defensible for now |
| M/I Homes, Inc. Midwest and Southern US homebuilder building and selling single-family houses | Defensible for now |
| Marcus & Millichap Broker network selling mid-market commercial real estate for owners across the US and Canada | Defensible for now |
| Mattamy Homes Mattamy is North America's largest privately held homebuilder, building houses in Canada and 11 US markets. | Defensible for now |
| Meritage Homes Top-5 US homebuilder known for energy-efficient, entry-level to move-up houses | Defensible for now |
| Nam Long Investment Corporation Vietnamese developer building affordable to mid-range housing since 1992 | Defensible for now |
| Nan Fung Group 70-year-old Hong Kong property conglomerate with land bank, malls, and life-sciences VC arm | Defensible for now |
| Newmark Group Newmark is a commercial real estate brokerage, leasing, and capital markets advisory firm | Defensible for now |
| NVR NVR builds and sells homes using a capital-light land option model, with its own mortgage and title units | Defensible for now |
| Open House Group Tokyo-area homebuilder that buys land, builds compact houses and condos, and sells them fast | Defensible for now |
| Penta-Ocean Construction 130-year-old Japanese marine and civil engineering contractor, builds ports, dams, offshore wind | Defensible for now |
| Persimmon plc UK housebuilder building and selling new homes with its own land bank and factories | Defensible for now |
| PowerChina (China Energy Engineering Corporation) State-owned Chinese giant that builds dams, power plants, and grids worldwide | Defensible for now |
| Prestige Estates Projects Bangalore-based developer building homes, offices, and malls across India. | Defensible for now |
| PulteGroup PulteGroup builds and finances new homes as the third largest U.S. homebuilder | Defensible for now |
| Sansiri Public Company Sansiri builds and sells homes and condos across Thailand, with 533 projects since 1984. | Defensible for now |
| Savills plc Savills plc: global real estate broker, advisor, and property manager | Defensible for now |
| Sekisui House Japanese prefab homebuilder, now a top US builder after buying MDC Holdings | Defensible for now |
| Sumitomo Forestry Co. Japanese timber, forestry and homebuilding group now a top-5 US and top Australian builder | Defensible for now |
| Summarecon Agung Family-controlled Indonesian developer of townships, malls, and hotels since 1975 | Defensible for now |
| Supalai Thai developer building houses and condos under founder-family control since 1989 | Defensible for now |
| Taylor Morrison Home Sixth-largest US homebuilder, now being bought by Berkshire Hathaway for $8.5 billion | Defensible for now |
| Taylor Wimpey Large UK homebuilder with a big land bank and national scale | Defensible for now |
| Vingroup Vietnam's biggest conglomerate: real estate and infrastructure funding a money-losing EV maker | Defensible for now |
| Vonovia SE Germany's largest residential landlord, owns ~531,000 apartments across Germany, Sweden, Austria | Defensible for now |
| W. P. Carey Inc. Owns and leases 1,703 buildings to companies under long-term rent-escalating contracts | Defensible for now |
| Wing Tai Holdings Singapore family-controlled developer building homes, offices, and hotels across Asia-Pacific | Defensible for now |
| China Metallurgical Group Corporation (MCC) Chinese state-owned engineering and metals group building and mining for the construction sector | Protection under test |
| Daewoo Engineering & Construction Korean EPC contractor building housing, LNG plants, and now data-center power infrastructure | Protection under test |
| DAMAC Properties Dubai luxury developer building homes, resorts, and now AI data centers for hyperscalers | Protection under test |
| Dexus Australian REIT owning and managing office, industrial, retail and infrastructure property | Protection under test |
| DL E&C South Korean EPC contractor building housing, plants, and a nuclear/SMR side bet | Protection under test |
| Douglas Elliman Luxury residential real estate brokerage serving ultra-high-net-worth buyers and sellers in NYC and beyond | Protection under test |
| Fluor Fluor designs and builds giant industrial, energy, and government projects worldwide | Protection under test |
| Frasers Property Singapore developer-investor-manager with ~S$40bn in property across five asset classes | Protection under test |
| Hines Private global real estate investor and developer with ~$91.7B AUM | Protection under test |
| KB Home US homebuilder letting buyers pick lot, floor plan, and finishes before ground breaks | Protection under test |
| Land and Houses Thai homebuilder and developer selling houses, condos, and land across Thailand | Protection under test |
| Lennar Lennar is the No. 2 U.S. homebuilder, building and selling new homes nationwide. | Protection under test |
| New World Development Hong Kong property conglomerate behind K11 malls, luxury towers, and heavy debt | Protection under test |
| Novaland Vietnamese developer building huge residential and resort projects like Aqua City and NovaWorld | Protection under test |
| RE/MAX RE/MAX is a global real estate franchise brand now being absorbed by The Real Brokerage | Protection under test |
| Sotheby's International Realty Luxury real estate brand licensing 26,000+ agents in 1,100+ offices worldwide | Protection under test |
| Tri Pointe Homes US homebuilder, now a private unit of Sumitomo Forestry after its $4.5B buyout | Protection under test |
| UEM Sunrise Malaysian property developer, 69.6% owned by sovereign fund Khazanah Nasional | Protection under test |
| Vinhomes Vietnam's largest residential developer, building mega-townships on state-linked land | Protection under test |
| Alexandria Real Estate Equities REIT that owns lab and office campuses leased to life science and tech tenants | Losing its protection |
| Built Robotics Retrofits standard excavators and dozers with autonomy kits for solar, pile-driving and earthmoving jobs | Losing its protection |
| Century Communities Century Communities builds and sells entry-level and affordable homes across the US, with mortgage and title units attached | Losing its protection |
| China Jinmao Holdings State-backed Chinese developer building homes and offices across major cities | Losing its protection |
| China Merchants Shekou Industrial Zone Holdings State-owned Chinese property developer and operator under China Merchants Group | Losing its protection |
| Doma Title insurance and closing tech firm, now split across three owners after 2024 buyout | Losing its protection |
| eXp Realty Cloud-based real estate brokerage where agents work from home and share in revenue | Losing its protection |
| HDC Hyundai Development Company South Korean builder behind IPARK apartments, now renamed IPARK Hyundai Development Company | Losing its protection |
| HomeLight Brokerage that matches home buyers/sellers with agents and lenders nationwide | Losing its protection |
| Hovnanian Enterprises K. Hovnanian Homes: a mid-size US homebuilder using a land-light, option-based model | Losing its protection |
| Keller Williams Realty Keller Williams is a franchise brokerage built on agent count and profit-share recruiting, not owned listings. | Losing its protection |
| Lendlease Australian developer and investment manager building large mixed-use city projects | Losing its protection |
| LGI Homes LGI Homes builds and sells entry-level, move-in-ready houses across 21 US states | Losing its protection |
| Lippo Karawaci Indonesian developer of integrated townships, malls, and hospitals, now debt-light after selling Siloam | Losing its protection |
| Longfor Group Chinese developer building malls, homes, and running property services across China | Losing its protection |
| Lotte Engineering & Construction Lotte Engineering & Construction is a Korean builder, #5 by order volume, tied to Lotte Group's redevelopment and brand network. | Losing its protection |
| Poly Developments and Holdings Group State-owned Chinese homebuilder, China's top-selling developer for three years running | Losing its protection |
| Poly Property Group Hong Kong listed developer, mainland China residential arm of China Poly Group. | Losing its protection |
| POSCO E&C South Korean engineering firm building steel plants and urban redevelopment projects | Losing its protection |
| Primoris Services Primoris builds and maintains power, pipeline, and renewables infrastructure for US utilities. | Losing its protection |
| Seazen Holdings Chinese developer building homes and running 178 Wuyue Plaza malls nationwide | Losing its protection |
| Segro plc UK REIT owning warehouses, industrial parks and data centres across UK and Europe | Losing its protection |
| Shapoorji Pallonji Group 160-year-old Indian construction and real estate conglomerate, holds Tata Sons stake | Losing its protection |
| Shui On Land Chinese developer behind Shanghai Xintiandi, now running a shrinking sales business under a still-growing rental arm | Losing its protection |
| Vista Land & Lifescapes Largest homebuilder in the Philippines, selling houses from mass-market to upscale under many brands | Losing its protection |
| WeWork Flexible office space company rebuilt after its 2024 bankruptcy | Losing its protection |
| Yuexiu Property Company Guangzhou state-linked developer building and selling homes across China | Losing its protection |
| Anywhere Real Estate Parent of Century 21, Coldwell Banker, Sotheby's Realty, now a Compass subsidiary | Little protection left |
| Beazer Homes USA Beazer builds and sells single-family homes across 13 US states, ranked #21 nationally | Little protection left |
| China Aoyuan Group Guangzhou developer building homes in China, now 4.5+ years into a debt default with no resolution | Little protection left |
| China Evergrande Group Chinese property developer now in Hong Kong court-ordered liquidation, delisted, no operating business | Little protection left |
| China Vanke Chinese residential developer surviving on state loans amid a deep solvency crisis | Little protection left |
| Country Garden Holdings Chinese homebuilder that just restructured $17.7bn of offshore debt to avoid liquidation | Little protection left |
| Dalian Wanda Group China's largest shopping mall operator, now selling assets to service massive debt | Little protection left |
| Gemdale Corporation Shenzhen-based developer building and selling homes and commercial property across China | Little protection left |
| Greenland Holdings Corporation State-backed Chinese property developer building homes and mixed-use projects, now deep in debt | Little protection left |
| Guangzhou R&F Properties Guangzhou-based developer of residential and commercial property, now in multi-round debt restructuring. | Little protection left |
| Kaisa Group Holdings Shenzhen developer known for urban-renewal land deals, now surviving its second debt restructuring | Little protection left |
| Logan Group Shenzhen developer restructuring $8B offshore debt after revenue fell 87% in two years | Little protection left |
| Powerlong Real Estate Holdings Chinese mall and residential developer restructuring after an offshore bond default | Little protection left |
| Shimao Group Holdings Chinese developer of mixed-use megaprojects, now working through insolvency and asset seizures | Little protection left |
| Sino-Ocean Group Beijing developer selling homes at a loss while restructuring billions in debt | Little protection left |
| Sunac China Holdings Sunac China builds and sells residential housing across China, currently in severe financial distress | Little protection left |
Questions people ask
- which Chinese real estate developers are surviving the property crash
- State-backed developers like China Overseas Land, China Resources Land, and Poly Developments are holding up better because buyers trust them to actually deliver homes. Private developers like Evergrande, Country Garden, Sunac, Logan, and Aoyuan are the ones in default or restructuring.
- are data center and warehouse REITs safer than home builders
- Yes, based on the numbers here. Equinix, Prologis, American Tower, and Goodman Group all show very low pressure because they lease long-term to tenants who need the physical space, rather than depending on new home sales.
- why are Hong Kong developers doing better than mainland Chinese ones
- Hong Kong developers like Sun Hung Kai Properties, CK Asset, and Henderson Land carry strong rental income and land banks, giving them low pressure scores, while mainland peers depend more heavily on new sales in a shrinking market.
- which real estate companies are losing agents or customers to rivals
- Douglas Elliman is losing top luxury agents to Compass International Holdings and its merged brokerage network, plus competition from Serhant and The Agency in the New York luxury market.
- is Country Garden going to recover
- Its contracted sales fell 38.7 percent in 2025 and roughly 15 percent further in H1 2026, with state-backed rivals taking its buyers through cheaper financing. Nothing in current figures points to a turnaround yet.
- what developers benefit from AI data center demand
- American Tower and Equinix are positioned directly for this, owning towers and neutral data centers that AI and cloud companies lease. Goodman Group also develops industrial and data center property tied to this demand.
What to watch
- Contracted sales growth or decline at China Overseas Land, China Resources Land, and Poly Developments versus distressed peers
- New defaults or restructuring completions among Sunac, Shimao, Greenland, and Sino-Ocean
- Occupancy and leasing rates at American Tower, Equinix, and Prologis
Head to head in this sector
Ayala Land vs Megaworld CorporationAyala Land vs SM Prime HoldingsChina Evergrande Group vs Country Garden HoldingsChina Vanke vs Country Garden HoldingsChina Resources Land vs China VankeDLF Limited vs Prestige Estates ProjectsChina Evergrande Group vs China VankeGoodman Group vs Prologis
Sectors with a similar picture