全国现房销售占比已突破35%

Core Viewpoint - A significant shift in the housing purchase model is underway across various cities in China, with policies promoting the sale of completed residential properties gaining traction [1][2][3]. Group 1: Policy Developments - Multiple cities, including Pingjiang in Hunan, Zhangye in Gansu, and Xinyang in Henan, have implemented policies mandating that newly sold residential properties be sold as completed units [1][2]. - As of early 2023, the proportion of completed residential sales has increased from 10% in 2019 to 33%, with over 30 provinces and cities initiating pilot programs or supportive policies for completed sales [1][3]. - The Ministry of Housing and Urban-Rural Development has identified promoting the completed sales system as a key task in the context of the "14th Five-Year Plan" aimed at high-quality development in the real estate sector [1][3]. Group 2: Market Trends - The share of completed residential sales is projected to reach approximately 30.84% of total residential sales in 2024, with a rise to 35.4% in the first nine months of this year [1]. - In Shenzhen, the proportion of completed residential sales has increased significantly, with 30.9% of new residential contracts being for completed units in the first half of 2025, up from 14.6% in the first half of 2023 [7]. - The implementation of completed sales has led to a notable decrease in new home complaints by 67% in Hainan, indicating a positive impact on consumer satisfaction [6]. Group 3: Challenges and Considerations - The transition from pre-sale to completed sales presents challenges, including potential impacts on market supply and demand balance, particularly in areas with limited inventory [4][5]. - Financial institutions are encouraged to develop innovative financing tools tailored to the characteristics of completed sales, such as "completed property development loans" to alleviate long-term funding pressures on developers [8]. - The shift to completed sales requires developers to adjust their financing structures, as the cash return cycle extends from approximately 6 months under pre-sale models to 2-3 years for completed sales [7][8].