中信证券：现房销售或是构建房地产发展新模式的重要一环

Group 1 - The core viewpoint of the article emphasizes the importance of improving the basic systems for the development, financing, and sales of commercial housing as proposed in the 20th Central Committee's Fourth Plenary Session [1] - The upcoming National Housing and Urban-Rural Construction Work Conference at the end of 2025 will reiterate the promotion of the "existing house sales system," aiming to fundamentally prevent delivery risks by ensuring "what you see is what you get" [1] - Currently, existing house sales are primarily based on local pilot programs, with a low percentage of projects in the land transfer phase agreeing to existing house sales [1] Group 2 - It is anticipated that the scope of reform pilot programs will gradually expand, utilizing a "new and old distinction" approach to mitigate negative impacts of the reforms [1] - Supporting measures in financing and fiscal policies are expected to accompany these reforms [1] - Based on experiences from Hainan, implementing existing house sales may lead to more cautious land acquisition by real estate companies and increased pressure on local finances, but it can better balance supply and demand in the real estate market and reduce inventory liquidation pressure [1]