Core Viewpoint - The recent announcement by the Housing and Urban-Rural Development Bureau of Xinyang City, Henan Province, mandates that all newly developed commercial housing on newly transferred land must be sold as completed properties, which has garnered significant market attention [1] Group 1: Current Market Trends - Over 30 provinces and cities in China have introduced policies related to the sale of completed properties since 2022, including pilot programs and supportive measures such as extending land transfer payment deadlines and increasing housing fund loan limits [1] - The concept of completed properties contrasts with pre-sold properties, with most buyers still purchasing pre-sold units that require one to two years or longer for occupancy [1] Group 2: Implications for Developers - Completed property sales reduce delivery times and lower risks related to consumer rights protection and bank bad debts, but they also increase cost pressures on real estate companies [1] - The cancellation of the pre-sale system has raised concerns in the industry, as developers rely on pre-sale funds and short-term financing to manage cash flow [2] - Transitioning to completed property sales will test the financial strength of developers, as the time for using development loans will be extended, necessitating adjustments in financial support from banks [2] Group 3: Future Outlook - The shift towards completed property sales represents a process of market selection among real estate companies, emphasizing quality in project planning, design, and construction [2] - Companies with strong product capabilities are expected to have better growth opportunities in the evolving market landscape [2]

Group 1 - The core viewpoint of the article is that the implementation of the "existing house sales" policy is approaching, with significant attention from the industry and ongoing discussions about its nationwide rollout [3][4][6] - The existing house sales system primarily targets newly built commercial housing, with a distinction made based on the time developers acquire land, affecting only projects initiated after the policy announcement [3][4] - Since 2022, over 30 provinces and cities in China have issued documents to promote existing house sales trials, including major cities like Beijing and Shenzhen [4][6] Group 2 - The share of existing house sales in new housing has been steadily increasing since 2022, indicating a growing acceptance of this sales model among consumers [7][9] - In the first two months of 2025, existing house sales reached 3,806 million square meters, a year-on-year increase of 10%, while pre-sale housing sales fell by 11.8% [9] - The proportion of existing house sales in total sales increased to 35.4%, up 4.6 percentage points from 2024 and 12.9 percentage points from 2023 [9] Group 3 - The push for existing house sales is seen as a potential confidence booster for homebuyers, addressing concerns over risks associated with pre-sales [11] - The existing house sales model may lead to a "survival of the fittest" scenario in the industry, as it requires developers to have stronger financial and operational capabilities [11] - The implementation of existing house sales is not a one-size-fits-all approach; it will be adapted based on local conditions and existing projects [11]

Core Viewpoint - The recent push for the sale of existing homes in various regions, including Xinyang, is seen as a significant shift in the real estate market, aiming to address issues related to the pre-sale system and enhance buyer protection [2][3][4]. Group 1: Current Trends in Real Estate Sales - The Xinyang Housing and Urban-Rural Development Bureau has mandated that all newly sold land must follow the existing home sales model, indicating a broader trend across multiple regions [2]. - Over 30 provinces and cities have introduced policies related to existing home sales since late 2022, leading to a projected 19.1% year-on-year increase in existing home sales area, reaching approximately 300 million square meters in 2024 [3]. - The existing home sales model is expected to account for 30.84% of total sales, reflecting a significant shift in market dynamics [3]. Group 2: Implications for Real Estate Developers - The transition to existing home sales will increase the financial pressure on real estate companies, as the sales cycle will extend, leading to slower cash flow and potentially impacting market stability [2][5]. - Developers will need to adapt to a new profit model that relies more on product quality and premium pricing rather than rapid sales [4][5]. - The existing home sales model requires developers to have stronger financial capabilities, as the cash recovery period will extend by 2 to 3 years compared to the pre-sale system [5][6]. Group 3: Market Reactions and Support Policies - Industry experts suggest that the shift to existing home sales should be gradual to avoid market disruptions, with recommendations for policies to be established at the time of land transfer [7]. - Various regions are implementing supportive measures, such as extending land payment deadlines and offering tax rebates to stimulate demand for existing homes [7].

业内解读：现房销售考验企业产品力亟需金融支持 自2024年底全国住房城乡建设工作会议上，将"大力推进商品住房销售制度改革，有力有序推行现房销 售，优化预售资金监管"列为2025年重点抓好的工作之一以来，业内对于现房销售模式的关注度极高。 中指研究院政策研究总监陈文静指出，现房销售对于购房者、房企、行业有不同影响。对购房者而言， 可以降低购房风险。现房销售的项目建筑质量所见即所得，避免了传统期房销售中交房"货不对板"以及 烂尾的风险。对房企而言，现房销售更加考验企业的产品力。对行业而言，在库存量大的地区试点现房 销售，则有助于控制供应规模，能够直接改善市场供需结构，加快库存的去化。 对于业内关注的现房销售是否会加大房企现金流压力的问题，广东省住房政策研究中心首席研究员李宇 嘉表示，现房模式的推广最关键的就是金融支持。如果把开发贷利率降到较低水平，也将有效缓解现房 销售的资金压力。"实际上，随着房地产发展新模式的建立，未来的预售模式也将更为精细，例如预售 资金将被严格监管、拿地需要自有资金、'封顶才能办按揭'等。"李宇嘉说。 日前，河南省信阳市出台措施，拟对新出让土地开发的商品房全面实行现房销售。有媒体报道称部分 ...

Core Viewpoint - The article discusses the recent policy changes in Xinyang, Henan Province, promoting the sale of completed residential properties instead of pre-sales, marking a significant shift in China's real estate market towards a new development model [1][6]. Summary by Sections Policy Implementation - On May 13, Xinyang's Housing and Urban-Rural Development Bureau announced measures to strengthen the management of pre-sale housing, implementing a "new and old distinction" principle for promoting completed property sales in urban areas [1][6]. - New projects must reach a construction completion stage before applying for pre-sale permits, and all newly sold land must follow the completed sales model [6][8]. Market Context - The pre-sale system has been a product of rapid urbanization in China, but as the industry slows down, the drawbacks of this system have become apparent, prompting the exploration of completed sales as a new model [1][10]. - Over 30 provinces have introduced policies related to completed sales since the end of 2022, aiming to enhance buyer confidence by allowing them to see and inspect properties before purchase [1][11]. Financial Regulations - The new measures include strict conditions for pre-sale permits, requiring developers to have invested at least 25% of total construction costs or to have completed half of the project before applying [6][7]. - Pre-sale funds must be deposited into a regulated account before signing contracts, ensuring that funds are used specifically for project construction [7][12]. Market Impact - The shift to completed sales is expected to reduce risks for buyers, as they can assess the quality of the property firsthand, potentially leading to a focus on quality in construction and design by developers [8][10]. - However, the immediate impact on Xinyang's market may be limited, as many new projects are already in a completed sales state, and the market is still adjusting [8][12]. Industry Trends - The article highlights a broader trend towards reforming the pre-sale system, which has been in place for 30 years, as the industry transitions to a "stock era" where existing properties are prioritized over new developments [10][11]. - The implementation of completed sales is seen as a necessary step to address issues such as project delays and quality concerns that have arisen under the pre-sale model [10][11]. Future Considerations - The transition to completed sales will require careful management of supply and demand, particularly in areas with varying inventory levels, to avoid market imbalances [13][14]. - The coexistence of pre-sale and completed sales models is anticipated for the foreseeable future, allowing flexibility for developers and buyers [14].

Core Viewpoint - The implementation of a "new and old distinction" principle in promoting the sale of completed properties in Xinyang is a significant shift in China's real estate market, aiming to address the drawbacks of the pre-sale system and enhance buyer confidence [1][5][10]. Group 1: Policy Changes - The Xinyang Housing and Urban-Rural Development Bureau has introduced measures to strengthen the management of pre-sale housing, requiring new projects to reach a construction completion stage before applying for pre-sale permits [5][6]. - The new policy mandates that all newly sold land in the central urban area must adopt a completed property sales model, marking Xinyang as the first city to fully implement this approach [6][10]. Group 2: Market Impact - The shift to completed property sales is expected to reduce risks for buyers, ensuring that the quality of construction is visible and minimizing issues related to unfinished projects [6][10]. - Despite the policy changes, the immediate impact on Xinyang's real estate market may be limited due to existing inventory pressures and a slow market adjustment phase [7][11]. Group 3: Industry Trends - The transition from a pre-sale system, which has been in place for nearly 30 years, reflects the need for reform in the real estate sector as it moves into a "stock era" [8][10]. - The ongoing exploration of completed property sales is part of a broader trend to optimize the regulatory framework surrounding housing sales, with over 30 provinces implementing similar policies since late 2022 [10][11]. Group 4: Future Considerations - The future landscape of the real estate market is expected to feature a coexistence of both pre-sale and completed property sales, allowing for flexibility in response to market conditions [12]. - The successful implementation of completed property sales will require careful consideration of supporting policies, including financing and regulatory adjustments, to ensure a balanced market supply and demand [11][12].

"安得广厦千万间，大庇天下寒士俱欢颜。"杜甫的千年喟叹，道尽了中国人对安居的渴望。 但在房地产预售制大行其道的今天，这句诗却成了无数购房者的心病——期房烂尾、质量缩水、资金挪用，这些问题像一把把悬在头顶的达摩克利斯之 剑。 不过好消息来了，5月13日，河南信阳传来一个重磅消息：新出让土地开发的商品房，一律实行现房销售！ 新出让土地的项目，必须等房子盖好了才能卖。这招"釜底抽薪"，直接切断了开发商"空手套白狼"的资金链游戏。 以前，开发商拿地后只要盖到25%进度就能卖房回款，现在得盖到封顶甚至现房才能卖，资金压力陡增。 有人可能会问：这不是断了开发商的活路吗？其 这一记政策重拳，堪称房地产市场的"刮骨疗毒"，也让无数购房者看到了曙光。 政策背后的"刮骨疗毒" 信阳这次政策调整，可不是心血来潮。 近年来，信阳房地产市场暗流涌动，延期交付、楼盘烂尾的消息时有耳闻。 2019年的一次问题楼盘化解会议上，当地领导就直言："对恶意抽逃资金的开发商，要采取强制手段！" 可见，预售制带来的风险早已让地方政府如坐针毡。 政策核心就四个字：现房销售。 实不然，这恰恰是在倒逼行业洗牌。 那些靠高杠杆、快周转的房企，这次恐怕要"裸泳 ...

5月13日，河南信阳市住房和城乡建设局发布《关于加强商品房预售管理工作的若干措施（试行）》并 公示，提出全面推行现房销售。 文中明确按"新老有别"的原则执行，即已取得施工许可证的项目仍按老办法申请预售许可；文件印发后 新取得施工许可证的项目，需达到主体封顶方可申报预售许可；文件印发后新出让土地，则一律实行现 房销售。 为何是信阳，影响有多大？ 针对信阳为何要对中心城区新出让地块全面实施现房销售，易居研究院副院长严跃进认为，从此次信阳 政策的发布来看，其出发点是非常清晰的，也就是做好三项工作，即"化风险""去库存""控增量"。而这 中间最为重要的就是"化风险"。 全面落实现房销售 此次信阳发文明确在中心城区新出让地块推行现房销售，也是今年全国率先明确全面落实现房销售的城 市。 根据上述文件，一是严控预售许可条件。按照"新老有别"的原则，对已取得施工许可证的项目，"投入 开发建设的资金达到工程建设总投资的25％以上"时可申报商品房预售许可；或"工程进度达到设计形象 进度的二分之一以上"时，申报商品房预售许可。文件印发后新取得施工许可证的项目，施工进度需达 到主体封顶方可申报商品房预售许可。文件印发后新出让土地开发 ...

Group 1 - The core viewpoint of the news highlights the ongoing challenges and transformations within the real estate industry, particularly focusing on liquidity crises and the shift towards quality over quantity in property sales [1][4][6] Group 2 - In Xinyang, new measures have been introduced to enforce the sale of newly developed properties as completed units, which will significantly increase the capital occupation cycle for developers, favoring financially stronger companies [1] - In Hangzhou, three residential land parcels were sold at the minimum price, indicating a cooling interest from developers amid high debt pressures and a focus on cash flow management [2] - Sunac China has scheduled a hearing for its offshore debt restructuring plan, reflecting the complexity of the process and potential delays in alleviating liquidity risks [3] - Rongsheng Real Estate has defaulted on a bond repayment of 5.52 billion yuan, highlighting the deepening liquidity crisis in the sector and the challenges of transitioning to a lighter asset model [4] - The failed auction of shares held by the controlling shareholder of Pan Hai Holdings illustrates the liquidity crisis and systemic issues within the real estate industry, emphasizing the need for asset disposal and business transformation [5][6]

Group 1 - The core viewpoint emphasizes that implementing "existing house sales" is a crucial step in constructing a new model for real estate development, with a focus on protecting buyers' rights and enhancing product quality for high-quality industry growth [1][4] - The practice of existing house sales has been initiated in over 30 provinces and cities since the end of 2022, with various local governments introducing policies to support this model, such as tax subsidies for buyers [2][3] - The proportion of existing house sales area has been increasing, with approximately 300 million square meters sold in 2024, accounting for 30.84% of total new housing sales, up from 22.5% in 2023 [3] Group 2 - Existing house sales are seen as a significant sales model that reduces buyer risk, enhances market transparency, and boosts consumer confidence, allowing buyers to directly assess property quality [4] - The existing house sales model imposes new requirements on real estate companies regarding product design and funding, as it necessitates self-funding for project completion before sales [5] - Recommendations for advancing existing house sales include piloting in areas with high inventory and improving financing systems to support this transition from pre-sale to existing house sales [5]