重磅！2026年住建部最新明确新政：中国将再无烂尾楼

Core Viewpoint - The new policies introduced by the Ministry of Housing and Urban-Rural Development aim to fundamentally eliminate unfinished buildings in the real estate market, marking a shift towards high-quality development and a departure from the previous high-risk, high-turnover model [1][11]. Group 1: Causes of Unfinished Buildings - The root causes of unfinished buildings are complex, primarily stemming from uncontrolled financial supervision and distorted development models. Developers often misuse pre-sale funds for expansion, leading to project funding chain breaks [3]. - Before 2020, deposits and pre-sale funds accounted for over 34% of real estate developers' funding, with some small and medium-sized enterprises relying on pre-sale funds for over 80% of their project financing [3]. Group 2: New Policy Measures - The new policy introduces a "three firewall" approach to mitigate the risk of unfinished buildings. The first firewall is the implementation of a current housing sales system, allowing buyers to see and verify the property before purchase, thus eliminating the anxiety associated with pre-sale properties [4]. - The second firewall focuses on restructuring development and financing mechanisms, requiring each project to establish an independent company to manage funds, ensuring that all sales and loan funds are used exclusively for the project [6]. - The third firewall aims to enhance regulatory and judicial protections, ensuring that pre-sale funds are strictly monitored and used for project construction, while also providing legal safeguards for buyers [7]. Group 3: Impact on the Real Estate Market - The implementation of the new policies will significantly reduce risks for buyers, enhancing transparency regarding property quality and reducing the costs associated with post-purchase rights protection [9]. - Developers will face increased financial pressure as they must rely on their own funds to complete projects, leading to a shift from competition based on scale to competition based on quality [9]. - The new policies will not be implemented uniformly but will consider market differences across cities, allowing for a tailored approach that balances stability and transformation [10]. Group 4: Future Outlook - The implementation of these policies signifies a historic transformation in China's real estate market, with the elimination of unfinished buildings representing a major breakthrough in public welfare and a key indicator of high-quality industry development [11]. - The focus will shift towards building quality housing and communities, establishing a new market ecology characterized by quality and controllable risks [11].