(Yicai Global) July 19 -- The combined market capitalization of Chinese mainland real estate developers shrank 15 percent last year, falling to a five-year low amid a stalled recovery in the property sector, a new research report showed.

The 334 mainland-listed builders had a market value of CNY3.38 trillion (USD468.1 billion) at the end of 2022, down CNY610 billion (USD84.5 billion) from the year before, according to the report published on July 17 by Shanghai E-House Real Estate Research Institute and an institute under the Shanghai Academy of Social Sciences.

Life became even harder for the property industry last year as some developers had operating difficulties and debt crises, while firms in the supply chain also suffered, the report pointed out.

The real estate market has remained soft this year, with continued declines in market cap among most listed developers. The market cap of China Vanke, the mainland’s most valuable developer, shrank 23 percent, and had fallen to CNY165.8 billion as of today's market close.

Eight mainland developers, including Sichuan Languang Development, have found themselves facing enforced delisting this year as their closing share price was below CNY1 (14 US cents) for 20 consecutive trading days. About 10 additional builders are at risk of joining them.

Yesterday, China Evergrande, the world’s most indebted developer, announced a combined loss of CNY812 billion (USD113.2 billion) for 2021 and 2022, a record for a Chinese business.

The mainland's top 100 builders posted combined sales of CNY3.6 trillion in the first half, a 0.1 percent year-on-year gain, data from the China Index Academy showed. But sales fell over 29 percent last month from a year ago, showing the market’s recovery has slowed since the second quarter.

Editors: Dou Shicong, Tom Litting