现房销售改革提速：河南信阳“风口”发文，告别预售制仍需把控节奏力度

Core Viewpoint - The reform of the commodity housing pre-sale system is set to be advanced in 2025, with a focus on promoting the sale of existing homes and tightening regulations on pre-sale permits and funding management [2][3][4]. Policy Changes - The recent announcement from Xinyang, Henan Province, mandates that new projects must reach the main structure's completion before applying for pre-sale permits, and all newly developed land must implement existing home sales [2][3]. - The central government's 2024 policy direction emphasizes reforming real estate financing and the pre-sale system, aiming to optimize the supervision of pre-sale funds and promote the sale of existing homes [2][3]. Market Impact - Xinyang is the first city to fully implement existing home sales, which may have limited short-term effects due to the city's weak real estate market and low land transaction volumes [3][6]. - The existing home sales policy aligns with the central government's goal of "strictly controlling increments" in regions with high inventory levels [3][4]. Risk Management - The policy aims to mitigate risks by enforcing strict conditions for pre-sale permits, regulating pre-sale fund usage, and ensuring that project development companies adhere to financial regulations [4][5]. - Measures include prohibiting the diversion of funds and ensuring that developers have sufficient own capital for projects, addressing issues that led to previous construction halts and defaults [5][6]. Background and Trends - The push for existing home sales is part of a broader trend, with over 30 provinces and cities having introduced related policies since late 2022, following significant market disruptions [7][8]. - National statistics indicate a significant increase in existing home sales, with a 19.1% year-on-year growth in 2024, reflecting a shift in buyer preferences towards completed properties [9]. Future Outlook - Experts suggest that while the current focus is on regions with high inventory, the transition to existing home sales may not be uniform across all areas, particularly in regions with lower inventory levels [10][12]. - The ongoing adjustments in the real estate market indicate a cautious approach to implementing stricter sales regulations, allowing for a balanced recovery of both the market and developers [11][12].