观察：现房销售再被热议 房企应有高“产品力”

Core Viewpoint - The recent announcement by the Housing and Urban-Rural Development Bureau of Xinyang City, Henan Province, mandates that all newly developed commercial housing on newly transferred land must be sold as completed properties, which has garnered significant market attention [1] Group 1: Current Market Trends - Over 30 provinces and cities in China have introduced policies related to the sale of completed properties since 2022, including pilot programs and supportive measures such as extending land transfer payment deadlines and increasing housing fund loan limits [1] - The concept of completed properties contrasts with pre-sold properties, with most buyers still purchasing pre-sold units that require one to two years or longer for occupancy [1] Group 2: Implications for Developers - Completed property sales reduce delivery times and lower risks related to consumer rights protection and bank bad debts, but they also increase cost pressures on real estate companies [1] - The cancellation of the pre-sale system has raised concerns in the industry, as developers rely on pre-sale funds and short-term financing to manage cash flow [2] - Transitioning to completed property sales will test the financial strength of developers, as the time for using development loans will be extended, necessitating adjustments in financial support from banks [2] Group 3: Future Outlook - The shift towards completed property sales represents a process of market selection among real estate companies, emphasizing quality in project planning, design, and construction [2] - Companies with strong product capabilities are expected to have better growth opportunities in the evolving market landscape [2]