中央部委发声！楼市的王炸政策，终于来了

Core Viewpoint - The transition from pre-sale to current housing sales is a necessary choice for the real estate industry, marking a shift from "high-speed growth" to "high-quality development" [10] Group 1: Policy Changes - The Ministry of Housing and Urban-Rural Development emphasizes the need to reform and improve the real estate development, financing, and sales systems, advocating for a shift to current housing sales to fundamentally prevent delivery risks [1][2] - The new policy aims to create a dual system of "current housing as the mainstay, pre-sale as a supplement," enhancing fund supervision for pre-sale projects to ensure buyer rights [2][5] Group 2: Market Dynamics - The reliance on pre-sale systems has been a critical factor in the rapid development of urban housing, with pre-sale funds historically accounting for over 30% of developers' incoming funds [5] - As the market shifts from a seller's to a buyer's market, the drawbacks of the pre-sale system have become more apparent, leading to a demand for "delivery guarantees" from buyers [5][7] Group 3: Implementation Challenges - The transition to current housing sales faces challenges, particularly regarding the financial pressure on developers, as the absence of pre-sale funds may lead to operational crises for over 50% of developers [7][8] - Regional disparities complicate the implementation of the new policy, with stronger financial capabilities in first-tier cities compared to smaller cities, where many developers may struggle [7][8] Group 4: Future Outlook - The ongoing policy push is expected to create a new ecosystem in the real estate sector, with stronger, more capable firms dominating the market while smaller firms may either niche down or face consolidation [9][10] - The market is anticipated to return to its "residential essence," with clearer commodity attributes for housing, leading to more rational buyer decisions and stable price fluctuations [9][10]