Core Viewpoint - The real estate pre-sale system is at a turning point, with a nationwide shift towards promoting the sale of completed properties and gradually phasing out shared area calculations [1][2][4]. Group 1: Current Trends and Signals - Over 20 cities in China have released documents to promote the transition to completed property sales, indicating a significant policy shift [1]. - The proportion of completed property sales has increased from 10% to over 30%, compared to a peak where nearly 90% of properties were sold pre-sale [8]. - Financial regulatory bodies are accelerating the introduction of financing systems compatible with new real estate development models [5][6]. Group 2: Challenges of Reforming the Pre-sale System - The core of the pre-sale system is high turnover, allowing developers to quickly recoup funds and reinvest in new projects, which has been beneficial in the past [15][17]. - However, the current market dynamics have revealed significant drawbacks, including risks of incomplete projects and lack of consumer trust in pre-sale properties [18][19]. - A complete abolition of the pre-sale system could disrupt existing developers' cash flows, complicating market stabilization efforts [21][22]. Group 3: Historical Context and Comparisons - The pre-sale system and shared area calculations were originally adopted from Hong Kong, which has since moved away from these practices, emphasizing practical area for pricing [32][33]. - Hong Kong has implemented strict regulations to ensure that developers have sufficient funding and oversight, significantly reducing the occurrence of incomplete projects [35][36]. - The real estate market is evolving, and the high turnover, high leverage, and high debt models are becoming outdated [37].

Group 1 - The core viewpoint of the article is that the real estate pre-sale system and shared area policies are at a transformative moment, with a shift towards selling completed properties and gradually eliminating shared areas [1][4][6] - Over 20 cities in China have issued documents to promote the transition to selling completed properties and to phase out shared areas [2][3] - The current proportion of completed property sales has increased from 10% to over 30%, indicating a significant shift in market dynamics [14] Group 2 - The pre-sale system, which allows developers to quickly recoup funds, is facing challenges due to changing supply-demand dynamics in the real estate market [19][22] - The high turnover model associated with pre-sales has led to issues such as construction quality concerns and the risk of unfinished projects, undermining buyer confidence [23][24] - The article suggests that if the pre-sale system cannot be completely abolished, it should be reformed with strict regulatory measures or a phased approach to transition to completed sales [30][31] Group 3 - Historical context shows that Hong Kong, which originally developed the concepts of shared areas and pre-sales, has moved away from these practices, indicating a potential path for mainland China [32][40] - Hong Kong has implemented regulations requiring full payment of land costs and proof of funding before construction, which has minimized the occurrence of unfinished projects [42][43] - The article emphasizes that the real estate market cannot revert to past high-leverage models, and rebuilding public trust in the market is crucial [44][45]