在住房资源匮乏的年代，预售制度发挥了不可磨灭的作用。它为房地产开发企业提供了宝贵的融资渠道，有效缓解了开发商的资金压力。国家统计局的数据 清晰地显示，在房企的资金来源中，"定金及预收款"长期占据重要地位，占比始终保持在20%以上，在早期甚至一度超过40%。预售制度不仅为开发商提供 了周转资金，还降低了他们的经营风险，同时也让购房者能够以相对较低的价格购买到未来的房产。预售房相对于现房的价格优势，是其能够被消费者接受 的重要原因。 然而，随着房地产市场的不断发展，预售制度的弊端也日益显现。正如北京某大型房企负责人所言，预售制度在为开发商带来便利、提高资金利用效率的同 时，也将风险转嫁给了银行和购房者。一旦房价出现调整或进入下降周期，期房在交付时就可能因房价下跌而增加银行的坏账风险。更令人担忧的是，一些 缺乏诚信的开发商利用预售制度的漏洞，人为操纵期房的供求关系，通过虚假广告和宣传资料欺骗消费者，导致项目延期交付甚至出现一房多卖等恶性事 件，引发了大量的纠纷。 如今，中国房地产市场的供求关系正在发生根本性的逆转，曾经风光无限的预售制度，已经无法适应新的市场环境。2020年，海南省率先宣布全面取消商品 房预售制度， ...

Core Insights - The proportion of completed housing sales is significantly increasing in various cities, particularly in Shenzhen, where the share of completed sales reached 30.9% in the first half of 2025, up 6.3 percentage points from the second half of 2024, and only 14.6% in the first half of 2023 [2][3] Group 1: Current Market Trends - The trend towards completed housing sales is driven by longer sales cycles for new properties, leading some pre-sale projects to transition to completed sales [2][3] - In June 2025, the proportion of completed housing sales in Shenzhen reached 42%, indicating a strong market shift [2] - The increase in completed sales is also attributed to policy support advocating for "guaranteed delivery" and the promotion of completed housing sales [3][4] Group 2: Policy and Regulatory Environment - Various regions are actively exploring and implementing policies to promote completed housing sales, with some cities mandating that newly sold land must be for completed properties [4] - The proportion of completed housing sales in total residential sales has risen from 10.4% in 2021 to 18.7% in 2023, reflecting a growing trend [4] - In the first half of 2024, the area sold as completed housing increased by 23% year-on-year, while pre-sale housing sales decreased by 31% [4] Group 3: Market Dynamics - The shift towards completed housing sales is influenced by a combination of policy direction, market logic, and the developmental stage of the industry [5] - Completed housing sales require developers to bear the full financial burden until project completion, increasing both capital and time costs [5]

Core Viewpoint - The article highlights the increasing trend of selling completed properties (现房) in various cities, particularly in Shenzhen, where the proportion of completed property sales has significantly risen, indicating a shift in market dynamics and consumer preferences [2][4][8]. Group 1: Current Market Trends - The proportion of completed property sales in Shenzhen has increased dramatically, with 30.9% of new residential sales being completed properties in the first half of 2025, up from 14.6% in the first half of 2023 [4]. - In June 2025, the completed property sales proportion reached 42%, reflecting a growing consumer preference for immediate occupancy [4]. - The rise in completed property sales is partly due to longer sales cycles for new properties, leading some pre-sale projects to transition to completed sales [4][5]. Group 2: Policy and Industry Response - Various cities are actively promoting completed property sales, with supportive policies being developed. For instance, in May 2023, the housing authority in Xinyang, Henan Province, mandated that all newly sold land must be for completed properties [8]. - The share of completed properties in total residential sales has increased from 10.4% in 2021 to 18.7% in 2023, with a notable increase in completed property sales area by 23% year-on-year in the first half of 2024 [8]. - Industry experts suggest that the shift towards completed property sales is influenced by policy direction, market logic, and the current stage of industry development, although it requires developers to bear the full financial burden until project completion [9].

Core Viewpoint - The recent policy from the Housing and Urban-Rural Development Bureau of Xinyang, Henan Province, mandates that all newly developed commercial housing must be sold as completed properties, reigniting discussions on the implications and challenges of "existing house sales" in the real estate market [1][2]. Policy Developments - Existing house sales refer to the sale of properties that have been completed and meet legal delivery conditions, allowing buyers to occupy and register ownership immediately after the transaction [1]. - Since the end of 2022, various regions in China have been implementing policies to promote existing house sales, with notable examples in Anhui and Hubei where pilot projects have seen high sales rates [2]. - Xinyang's new policy is the first to comprehensively implement existing house sales in a city, distinguishing between new and old projects regarding pre-sale permissions [2]. Market Dynamics - The shift towards existing house sales is driven by the need to mitigate risks, reduce inventory, and control supply in the real estate market [2][4]. - The proportion of existing house sales in new housing has been steadily increasing, reaching 36% in the first quarter of this year [5]. - The transition to existing house sales is seen as a necessary evolution towards a more mature and stable real estate market that prioritizes risk control and buyer protection [3][6]. Industry Implications - Existing house sales require developers to invest fully in projects before recovering funds, increasing financial and time costs compared to pre-sale models [3]. - The focus on existing house sales is expected to enhance product quality as developers strive to attract buyers, thereby improving overall market standards [4]. - The current trend indicates a gradual coexistence of existing and pre-sale models, with existing house sales likely to dominate in the future [6][7]. Global Context - The global real estate market exhibits diverse sales models, with a common trend towards stricter regulation of pre-sale activities and enhanced buyer protection [7]. - The evolution of the real estate market in China reflects a broader movement towards ensuring safer transactions and better meeting housing demands through improved regulatory frameworks [7].