各地积极探索推进现房销售

Core Viewpoint - The recent policy from the Housing and Urban-Rural Development Bureau of Xinyang, Henan Province, mandates that all newly developed commercial housing must be sold as completed properties, reigniting discussions on the implications and challenges of "existing house sales" in the real estate market [1][2]. Policy Developments - Existing house sales refer to the sale of properties that have been completed and meet legal delivery conditions, allowing buyers to occupy and register ownership immediately after the transaction [1]. - Since the end of 2022, various regions in China have been implementing policies to promote existing house sales, with notable examples in Anhui and Hubei where pilot projects have seen high sales rates [2]. - Xinyang's new policy is the first to comprehensively implement existing house sales in a city, distinguishing between new and old projects regarding pre-sale permissions [2]. Market Dynamics - The shift towards existing house sales is driven by the need to mitigate risks, reduce inventory, and control supply in the real estate market [2][4]. - The proportion of existing house sales in new housing has been steadily increasing, reaching 36% in the first quarter of this year [5]. - The transition to existing house sales is seen as a necessary evolution towards a more mature and stable real estate market that prioritizes risk control and buyer protection [3][6]. Industry Implications - Existing house sales require developers to invest fully in projects before recovering funds, increasing financial and time costs compared to pre-sale models [3]. - The focus on existing house sales is expected to enhance product quality as developers strive to attract buyers, thereby improving overall market standards [4]. - The current trend indicates a gradual coexistence of existing and pre-sale models, with existing house sales likely to dominate in the future [6][7]. Global Context - The global real estate market exhibits diverse sales models, with a common trend towards stricter regulation of pre-sale activities and enhanced buyer protection [7]. - The evolution of the real estate market in China reflects a broader movement towards ensuring safer transactions and better meeting housing demands through improved regulatory frameworks [7].