China's Property Market Continues to Slump, Property Management Companies Withdraw
China's real estate market continues its downturn, leading to a widespread withdrawal of property management companies across many cities. In March 2024, leading firm Vanke Property announced it would terminate property services for six residential projects in Xuzhou by June 30. This trend, which began in the second half of last year and intensified this year, has spread from third and fourth-tier cities to major metropolises like Beijing and Shanghai. Property management service revenue decreased by 3.1% year-on-year last year, and urban service revenue by 15.1%, attributed to the overall real estate slump and increased costs from service quality improvements. The withdrawals have severely impacted residents' lives, causing issues such as unmaintained elevators, water leaks in parking garages, garbage accumulation, and security concerns. Data from the China Index Academy projects a 37% annual increase in voluntary withdrawals by China's top 50 brand property management companies for 2024-2025, with residential projects accounting for over 80%. Publicly reported withdrawals reached 120 cases from January to September last year, doubling year-on-year.
📋 Article Processing Timeline
- 📰 Published: April 13, 2026 at 16:39
- 🔍 Collected: April 13, 2026 at 17:01 (22 min after Published)
- 🤖 AI Analyzed: April 13, 2026 at 17:13 (11 min after Collected)
The real estate market in China is experiencing a prolonged downturn, impacting related industries. Residential property management companies are withdrawing from numerous cities, leading to issues such as accumulating garbage. Economic View reported that in March 2024, Vanke Property, a leading company in China's property management sector, announced it would terminate property services for six residential projects in Xuzhou by June 30. This marks a strategic withdrawal from a market where it had operated for many years. Since the second half of last year, multiple regions in China have reported property management companies voluntarily leaving communities, with an increasing frequency this year. This wave of withdrawals has rapidly spread from third and fourth-tier cities to first and second-tier core urban areas, with Zhejiang and Chongqing being severely affected. First-tier cities like Beijing and Shanghai have also seen such withdrawals. The report cited data indicating a 3.1% year-on-year decrease in property management service revenue and a 15.1% decrease in urban service revenue last year. The primary reasons cited are the overall real estate market slump and increased costs due to service quality improvements. The withdrawal of property management has significantly impacted residents' lives, leading to unaddressed issues such as broken elevators, water leaks in parking garages, and foul-smelling garbage accumulation. Some communities have reported empty security rooms and open gates, raising safety concerns. Regarding the scale of this withdrawal wave, Zhejiang Daily, citing data from the China Index Academy, reported that from 2024 to 2025, the voluntary withdrawal rate of projects managed by China's top 50 brand property management companies is expected to increase by 37% year-on-year, with residential projects accounting for over 80%. From January to September last year, publicly disclosed withdrawal cases reached 120 nationwide, doubling year-on-year.