中央重磅新政，告别烂尾楼！中国房地产迎来现房销售时代

Core Viewpoint - The implementation of the current housing sales system marks a significant transformation in China's real estate market, shifting from a "fast turnover" model to a focus on "quality development," addressing long-standing issues such as unfinished buildings and enhancing buyer protections [1][9][10]. Policy Implementation - Various regions, including Henan, Hubei, and Hunan, are adopting the current housing sales model, with Henan's Xinyang mandating that all new land sales must follow this model starting July 2025 [2][4]. - Hubei's Jingmen and Hunan's Pingjiang are also moving towards current housing sales, with specific timelines and conditions for implementation [2][4]. - The policy is characterized by a strong commitment to comprehensive execution, aiming to cover all new land projects in central urban areas [2]. Background and Rationale - The pre-sale system, introduced in the 1990s, has been pivotal for rapid industry growth but has led to significant risks, including delivery failures and quality disputes [9][10]. - The shift to current housing sales is a response to these risks, aiming to restore market confidence and protect consumer rights [9][10]. Market Dynamics - Over 30 cities have initiated trials or supportive policies for current housing sales since late 2022, indicating a broadening acceptance of this model [4][11]. - The current housing sales model is expected to stabilize the market by controlling new supply and accelerating inventory turnover, particularly in areas with high inventory levels [15][16]. Impact on Stakeholders - For buyers, the current housing sales model enhances transparency and reduces risks associated with unfinished projects, allowing them to inspect properties before purchase [13][14]. - For real estate companies, the transition presents challenges, as they must finance construction upfront, potentially increasing financial strain, but it also offers opportunities to improve product quality and brand reputation [14][15]. - The industry is moving towards a model that prioritizes quality, service, and operational excellence, moving away from high-leverage and high-turnover practices [15][16]. Future Outlook - The gradual implementation of the current housing sales system is expected to lead to a more regulated and transparent real estate market, ultimately benefiting consumers and promoting sustainable industry growth [17][18]. - The government is committed to supporting this transition with policies that facilitate financing and provide incentives for quality improvements [17][18].