楼市“现房风”！现房销售占比大幅提升

Core Insights - The proportion of completed housing sales is significantly increasing in various cities, particularly in Shenzhen, where the share of completed sales reached 30.9% in the first half of 2025, up 6.3 percentage points from the second half of 2024, and only 14.6% in the first half of 2023 [2][3] Group 1: Current Market Trends - The trend towards completed housing sales is driven by longer sales cycles for new properties, leading some pre-sale projects to transition to completed sales [2][3] - In June 2025, the proportion of completed housing sales in Shenzhen reached 42%, indicating a strong market shift [2] - The increase in completed sales is also attributed to policy support advocating for "guaranteed delivery" and the promotion of completed housing sales [3][4] Group 2: Policy and Regulatory Environment - Various regions are actively exploring and implementing policies to promote completed housing sales, with some cities mandating that newly sold land must be for completed properties [4] - The proportion of completed housing sales in total residential sales has risen from 10.4% in 2021 to 18.7% in 2023, reflecting a growing trend [4] - In the first half of 2024, the area sold as completed housing increased by 23% year-on-year, while pre-sale housing sales decreased by 31% [4] Group 3: Market Dynamics - The shift towards completed housing sales is influenced by a combination of policy direction, market logic, and the developmental stage of the industry [5] - Completed housing sales require developers to bear the full financial burden until project completion, increasing both capital and time costs [5]