LBX(SH:603883) Sou Hu Cai Jing·2026-02-15 17:39Core Viewpoint - The increasing prevalence of "unfinished buildings" in the real estate development sector is alarming, affecting both small and large developers, leading to significant distress for homebuyers who face financial burdens without receiving their purchased properties [1] Group 1: Causes of Unfinished Buildings - High debt levels severely restrict developers' financing capabilities, resulting in a dwindling cash flow and halted construction projects due to poor sales performance and inventory accumulation [3] - The lack of regulation on homebuyer prepayments allows developers to misallocate funds, leading to financial losses in other ventures and ultimately resulting in unfinished projects [4] Group 2: Reactions and Responsibilities - Many netizens express strong dissatisfaction, questioning why developers can abandon projects while homebuyers must continue to repay loans despite not receiving their homes. Banks assert that the responsibility lies with developers, as homebuyers have signed contracts that obligate them to repay loans [6] - Critics argue that banks should take responsibility for rigorously assessing borrowers' qualifications and repayment capabilities, as some banks have relaxed their scrutiny in pursuit of short-term profits, exacerbating the financial pressure on homebuyers [8] Group 3: Proposed Solutions - A comprehensive cancellation of the pre-sale system for residential properties is suggested, allowing sales only after the main structure is completed to prevent developers from misusing funds [9] - If the pre-sale model is retained, strict "designated use" management of homebuyer prepayments is necessary, ensuring that funds are not diverted by developers and are effectively regulated by relevant authorities [9]