每经热评丨短期阵痛换长期利好 现房销售将重塑楼市供需平衡

Core Viewpoint - The policy shift towards promoting "existing home sales" aims to fundamentally mitigate delivery risks and enhance buyer confidence in the real estate market [1][2]. Group 1: Policy Changes - The national housing and urban-rural development meeting emphasized the implementation of existing home sales, marking a significant upgrade from previous policies [1]. - The transition from a pre-sale model to an existing home sales model reflects a growing recognition of the need to address delivery uncertainties and protect buyer rights [2]. Group 2: Impact on Developers - Existing home sales require developers to invest all construction funds upfront, extending the cash flow cycle from months to two to three years, thereby raising industry entry barriers [2]. - Developers are shifting their operational focus towards cash flow management and product quality, moving away from financing and marketing strategies [2]. Group 3: Market Dynamics - The introduction of existing home sales is expected to lead to short-term challenges, such as a potential decline in new home supply, but will ultimately promote a balanced supply-demand relationship in the long term [2]. - The market is likely to see a reduction in speculative behavior as buyers can physically inspect properties before making decisions, leading to more rational demand [3]. Group 4: Financial Innovations - Recommendations have been made for the development of financial tools tailored to existing home sales, such as "existing home development loans" to alleviate long-term funding pressures on developers [3]. - Adjustments in land transfer methods and payment conditions are suggested to further ease financial burdens on developers [3].