现房销售需顺势而为

Core Viewpoint - The transition from pre-sale to actual housing sales is gaining momentum in China's real estate market, driven by government policies and market demand, indicating a shift towards a new sales model that emphasizes immediate availability and quality assurance for buyers [1][2]. Group 1: Current Market Trends - Since May, three key developments have sparked discussions on actual housing sales: new regulations in Henan province mandating actual sales for newly developed properties, the national financial regulatory authority's commitment to introduce financing systems compatible with new real estate models, and many companies promoting actual housing as a selling point [1]. - Over 30 provinces have introduced supportive policies for actual housing sales since the end of 2022, with cities like Hefei and Zhengzhou initiating pilot programs, and regions like Hainan and Xiong'an fully implementing actual sales [1]. - The proportion of actual housing sales in the residential market has increased from 12.7% in 2020 to 30.8% in 2024, reflecting a growing acceptance of this sales model [1]. Group 2: Benefits for Buyers - Actual housing sales provide a significant advantage for buyers by allowing them to see the property before purchase, thus avoiding issues related to off-plan sales such as discrepancies in property condition and delays in delivery [2]. - This model enhances the sense of security for buyers, as they can enjoy immediate occupancy and associated amenities, while also accelerating inventory turnover [2]. - The visible quality of homes can lead to a premium in core urban areas, where actual housing may command higher prices due to perceived value [2]. Group 3: Challenges for Developers - The shift to actual housing sales tests developers' comprehensive capabilities, including their development models, cash flow management, and product quality [2]. - The cash flow impact is significant, as the return on investment is delayed by 2 to 3 years compared to pre-sale models, necessitating a shift in financing strategies from short-term to long-term [2]. - Developers must abandon speed-focused strategies in favor of meticulous management and product enhancement, establishing a quality control system throughout the development process [2]. Group 4: Necessary Support Measures - To address potential challenges such as increased buyer costs and longer capital recovery periods for developers, supportive policies are essential [3]. - A dual-track system of "actual sales + pre-sales" should be established, with tailored measures for different cities, such as tax incentives for buyers in areas with high inventory [3]. - Diverse financing channels should be developed, including specialized loans for actual housing projects and adjustments to tax policies to alleviate financial burdens on developers [3].