全城通兑，南京推动既有库存商品房全部纳入房票超市

Core Viewpoint - Nanjing's new policy aims to accelerate the cultivation of new productive forces and promote high-quality development by exploring new models for real estate development, including the integration of existing inventory properties into a "housing ticket supermarket" and the implementation of "citywide exchange" and "electronic housing tickets" to meet the needs of relocated residents [1][4]. Group 1: Policy Implementation - The new housing ticket policy in Nanjing represents a significant upgrade by achieving "full coverage," "citywide exchange," and "digitalization," enhancing the liquidity and attractiveness of housing tickets [1][4]. - The electronic housing ticket system requires real-name authentication, linking personal identity information with the housing ticket, ensuring higher security and data authenticity through automated data collection [1][4]. Group 2: Market Impact - As of the end of 2025, Nanjing issued 5,862 housing tickets with a usage rate exceeding 98%, facilitating the sale of 5,967 existing homes, leading the province in both ticket issuance and usage [4]. - The housing ticket policy is viewed as a demand-side reform led by local government, consolidating purchasing power from urban demolition and directing it towards existing inventory, thus generating substantial market demand for inventory clearance [4]. Group 3: Challenges and Considerations - Potential challenges of the housing ticket policy include issues related to pricing mechanisms, fairness, financial sustainability, and the complexity of execution, as well as the risk of uneven inventory clearance across different regions [4].