好消息！现房销售，多地推进！

Core Viewpoint - A significant shift in the home buying model is underway across various cities in China, moving from "buying off the plan" to "selling completed properties" [1] Group 1: Policy Changes and Implementation - Multiple cities, including Pingjiang in Hunan, Zhangye in Gansu, and Xinyang in Henan, have introduced policies mandating that newly sold residential projects on newly acquired land must be sold as completed properties [4][5] - Since 2019, the proportion of completed residential sales has increased from 10% to 33% by early this year, with over 30 provinces and regions initiating pilot programs or policies supporting this shift [1][4] - The National Bureau of Statistics reported that the share of completed property sales rose from 12.7% in 2020 to 30.84% in 2024, with a further increase to 35.4% in the first nine months of this year [1][6] Group 2: Market Dynamics and Trends - The trend towards completed property sales is expected to lead to a new round of industry reshuffling, as it emphasizes the importance of product quality and financial strength for real estate companies [8] - The shift to completed sales is seen as a way to mitigate risks associated with unfinished projects, enhancing buyer protection and allowing for better assessment of property quality [9] - In Shenzhen, the proportion of newly sold residential properties under the completed sales model is projected to reach 30.9% in the first half of 2025, reflecting a significant increase from previous years [6] Group 3: Future Outlook and Recommendations - The ongoing transition to completed property sales is anticipated to continue, particularly in cities with high inventory levels, necessitating careful management by local governments to maintain market balance [10] - Recommendations for promoting the completed sales model include improving land supply efficiency, ensuring infrastructure readiness, and streamlining planning and approval processes [10][11] - Financial institutions are encouraged to lower financing rates for projects under the completed sales model, which are perceived to have reduced risks of unfinished developments [10]