Core Viewpoint - The real estate sales model in China is set to undergo a fundamental transformation by gradually phasing out pre-sale of properties and shifting towards selling completed homes, with significant changes expected during the "14th Five-Year Plan" period, particularly around 2026 [1][5]. Group 1: Background and Current Issues - The traditional pre-sale system has allowed developers to sell properties before they are built, leading to significant risks for buyers, including the "unfinished building" problem, where projects are halted, leaving buyers in financial distress [3][5]. - The recent downturn in the real estate market has highlighted the vulnerabilities of the pre-sale model, prompting a shift in policy direction to protect consumer rights and address financial risks within the industry [3][5]. Group 2: Impacts of the Shift to Completed Home Sales - The transition to selling completed homes is expected to significantly reduce transaction risks for buyers, allowing them to inspect properties before purchase, thereby enhancing consumer confidence and satisfaction [5][9]. - This change will raise the entry barriers for real estate companies, as they will need to rely on their own funds or compliant financing to complete projects before selling, potentially leading to the elimination of weaker firms from the market [6][8]. - The focus on completed homes will shift market competition from speculative designs to actual product quality, encouraging developers to improve construction standards and customer service, fostering a more refined and quality-driven industry [8][9]. Group 3: Market Stabilization and Transition - Implementing the completed home sales model will likely extend the timeline for new home supply, which may help alleviate existing inventory pressures in certain cities and stabilize market expectations [9][11]. - A gradual approach to this significant reform is necessary, as it involves adjustments in various aspects of real estate development, financing, and land supply, requiring careful planning and support from financial institutions [9][11]. Group 4: Conclusion - The move towards eliminating pre-sale and promoting completed home sales is not merely a change in sales strategy but aims to fundamentally protect buyer rights, enhance industry standards, and promote long-term stability in the real estate market, marking the beginning of a more transparent and quality-focused era [11].

"烂尾楼"整治涉及千家万户切身利益，是重要的民生工程、民心工程。过去一个时期，河北省石家 庄市在推进城中村、旧城改造项目过程中一度实行"土地一二级市场联动"，加之一些企业无序开发、违 法建设，资金链断裂后形成不少"烂尾楼"。 近年来，石家庄践行"以人民为中心"的发展思想，动真格、出真招，以保交楼、保民生、保稳定为 目标，全力推进"烂尾楼"整治，取得显著成效。 祥云国际项目曾是石家庄高铁站附近一片十分扎眼的"烂尾楼"。该项目于2009年启动，建筑面积高 达237万平方米，后因开发商资金链断裂，于2014年停工缓建。因续建体量大、资金筹措难，2017至 2021年，两任重整投资人退出重整。项目涉及利益主体人数众多，法律关系复杂。 石家庄市住建局负责人介绍，彼时，个别"烂尾楼"项目停工超20年，因时间久远，很多项目续建不 符合现有规范，需重新审批。 2021年以来，石家庄市委、市政府以改革的办法、创新的思维，研究制定"一个清零""两个不放 过""三个清单"的基本原则，即"房地产开发商非法所得清零，对违法责任主体的法律责任不放过、对职 能部门工作人员的纪律责任不放过，建立容缺清单、任务清单、责任清单"，全面推动整治工 ...