【正文】 th China, and eight more in South China.Combined sales revenues of real estate firms among the top 100 in the three regions reached billion yuan (US$ billion), accounting for per cent of theNation’s total. The top enterprises in North China, East China and South China take up per cent, per cent and per cent of the country’s market share respectively.Along with their growing scale, the market share of the top 100 firms as a whole is on the rise.The total assets scale of the top 100 real estate firms has increased, with the emergence of a number of flagship enterprises.Among the top 100, seven panies boast assets of more than 20 billion yuan (US$ billion). The bined assets of these seven firms total billion yuan (US$ billion),which accounts for per cent of the total assets of the top 100.Through mergers and acquisition, the Beijing Capital Development Holdings Co Ltd has bee the largestscale enterprise, with assets totalling more than 50 billion yuan (US$ billion).Combined sales revenues of the top 10 firms, in terms of prehensive strength, reached billion yuan (US$ billion) last year, accounting for per cent of the nation’s market share.In 2004 and 2003, sales revenues of the top 10 firms stood at billion yuan (US$ billion) and billion yuan (US$ billion) respectively, taking up per cent and per cent of the industry’s total sales revenues.Total sales revenues of the top 10 increased per cent and per cent from 2004 and 2003, a trend showing the increasing influence the top 10 enterprises have on the Chinese real estate market.Predicting a sustained growth of the industry, most of the real estate firms are actively reserving land resources for future development.Last year, reserved land area of the top 100 firms reached million square metres , with 43 enterprises each having a reserved land area between 1 million and 5 million square metres. Nine enterprises each have a reserved land area of more than 10 million square metres, up from 2003 when there were only five such panies.Take China Vanke Co Ltd as an example. The pany’s newly built floor space was million square metres last year. At present, it has a reserved land area of more than 10 million square metres, proving that its reserves can sustain development for three years, if the existing developing scale is maintained.Based on the sufficient land reserves at hand, the top 100 firms reported they are planning to develop projects with a total floor space of million square metres in the next few years. Seven panies each have plans for more than 10 million square metres, and another 36 said they have planned floor space between 1 million and 5 million square metres.Based on their petence in risk control, the top 100 real estate firms showed an incredible profitmaking aptitude in 2005.The average annual return on total assets, return on equity and sales profit rate of the top 100 enterprises during the 200305 period were per cent, per cent and per cent respectively, according to the research report.In 2005, there were 33 firms among the top 100 with a return on total assets of less than 5 per cent. However, 20 enterprises realized a return on equity between 10 and 20 per cent and 38 panies achieved a sales profit rate between 10 and 20 per cent.The research report also indicates the net profit of the enterprises is rising steadily.In 2005, 58 per cent of the top 100 realized a net profit of more than 100 million yuan (US$ million),whereas the ratio was 48 per cent in 2004 and 34 per cent in 2003.On the other hand, the proportion of enterprises with a net profit of less than 100 million yuan (US$ million) was reduced to 42 per cent last year, down from 52 per cent in 2004 and 66 per cent in 2003.Increased profits strengthened the enterprises’financial liquidity. The average asset liability ratio was per cent, per cent and per cent in 2005, 2004, and 2003 respectively, showing the firms’ increasing abilities to pay back loans and to resist financial risks.As a pillar industry in China’s economy, the real estate sector pays more taxes to the State.The total amount of taxes paid by the top 100 real estate firms reached billion yuan (US$ billion) in 2005, according to the research report.Half of the enterprises each paid more than 100 million yuan (US$ million) in taxes. In addition, there are two panies with a tax payment of more than 1 billion yuan (US$ million) each. Taxes paid by China Vanke Co Ltd even reached billion yuan (US$174 million).Top 10 ratingsAccording to their indices in scale, growth potential and profitability, the China Real Estate Top 10 Research Team rated the specific top 10s for the top 100 Chinese real estate panies.China Vanke Co Ltd and China Overseas Land amp。 Investment Ltd stood side by side in the first place of the prehensive strength rating, followed by Hopson Development Holding Ltd, Beijing Capital Development Holdings Co Ltd, Poly Real Estate (Group) Co Ltd, Guangzhou Henda Group, Dahua (Group) Co Ltd, GreenTown Real Estate Group Co Ltd and China Merchants Property Development Co Ltd and Forte (Group) Co Ltd.In prehensive strength, the top 10 firms have some mon traits, along with exploring operational modes with their own unique characteristics.For example, China Vanke focuses its core business on housing development for the mon people. Through cooperation with other partners, it has increased its land reserves and increased its marketability. China Overseas Land amp。 Investment Ltd targets highend customers in the cities. Its petitiveness es from continuous innovations and brand building.Forte Group, however, focuses its operations in Beijing and Wuhan, while China Merchants Property Development Co Ltd has launched 18 projects in nine big cities in China, with a business scope covering highend office buildings and residential projects geared toward various consumer groups.Guangzhou Henda has pl