Group 1 - During the Double Eleven promotion, a controversy arose regarding pre-sale prices, with consumers discovering that the final payment for pre-sale items was higher than the current market price by 50-60 yuan, leading to a significant number of refunds [1][4] - Influential live streamer Li Jiaqi responded to rumors of massive returns, stating that claims of 8 billion yuan in returns were false and attributing the backlash to detractors [1][3] - Analysts suggest that the higher pre-sale prices may be due to the supply chain team's long product lines and early contract signings with brands, which could lead to price discrepancies as the promotion period progresses [3][6] Group 2 - The complexity of the promotional rules and the lack of clear price comparisons have frustrated consumers, who now expect a simpler and more transparent shopping experience [7][8] - The pre-sale system is seen as a way to attract consumers and help manage supply chain logistics, but it has also led to confusion and dissatisfaction among buyers when pre-sale prices exceed regular prices [7][10] - Experts argue that the pre-sale model still holds value for businesses, acting as a "reservoir" to secure orders and forecast production needs, despite the growing consumer skepticism [7][10] Group 3 - The dynamic pricing strategies and complex discount rules during the Double Eleven event have eroded consumer trust in promotional activities [11][15] - Recommendations for brands include establishing real-time price monitoring across platforms, optimizing product bundles, and managing consumer price expectations to maintain price stability [15][16] - The competitive landscape of e-commerce is shifting from price wars to value creation, indicating that simple low-price strategies are no longer sufficient for success [17][18]

Core Viewpoint - The recent ruling by the Supreme People's Court provides a significant breakthrough for homebuyers facing the "nightmare" of unfinished properties, allowing them to terminate contracts and cease mortgage payments if their homes are not delivered on time [6][8][19]. Group 1: Causes of Unfinished Properties - The prevalence of unfinished properties is attributed to various factors, including developers' financial difficulties and the systemic issues related to the pre-sale system, which places undue financial pressure on homebuyers [5][10]. - The lack of clear contractual responsibilities has left homebuyers vulnerable, often resulting in a cycle of debt and legal challenges that favor banks and developers [5][10]. Group 2: Supreme Court's Ruling - The Supreme People's Court's ruling allows homebuyers to legally terminate contracts and mortgage agreements if their properties are not delivered, relieving them of financial obligations [6][8]. - A case example illustrates that a homebuyer was able to recover their down payment and mortgage payments, with the developer held responsible for the loan repayment [8][19]. Group 3: Implications for the Real Estate Market - The ruling signifies a shift in the legal landscape, potentially leading to a transition from a pre-sale system to a model focused on completed properties, thereby enhancing buyer protections [12][21]. - Developers will face stricter consequences for failing to deliver properties, while banks will need to adopt more rigorous assessments of developers' financial stability before granting loans [19][21]. Group 4: Future Market Dynamics - The new legal framework is expected to create a more transparent and equitable real estate market, reducing risks for homebuyers and restoring confidence in property transactions [21][22]. - The ruling marks a pivotal change in the relationship between homebuyers, developers, and banks, fostering a more balanced environment where homebuyers are no longer at a disadvantage [21][22].

Core Viewpoint - The article discusses the evolution and current state of the real estate market in China, particularly focusing on the shift from pre-sale to current sale models, highlighting the challenges and potential benefits of each system [1][5][7]. Group 1: Historical Context - The pre-sale model, created by Ho Ying Tung in the 1950s, significantly contributed to the prosperity of Hong Kong's real estate market [1]. - From 2017 to 2021, the real estate industry experienced rapid growth, with new home sales reaching nearly 1.8 billion square meters in 2021, marking a historical peak [1]. - In 2022, the market began to decline, leading to an increase in the proportion of pre-sale homes, with the first five months of 2025 showing a new high of 35.6% for current home sales since 2007 [1][3]. Group 2: Current Market Dynamics - The current environment has led to increased calls for current home sales, as many consumers express dissatisfaction with the pre-sale model due to concerns over delivery and quality [3][4]. - The People's Bank of China and other regulatory bodies are introducing policies to stabilize the market, including measures to support financing for real estate development [3][8]. Group 3: Challenges and Considerations - The article emphasizes that the core issue is not merely the choice between pre-sale and current sale but ensuring the delivery and quality of homes [5][6]. - The current economic climate poses significant challenges for developers, many of whom are struggling to complete projects, which complicates the transition to a current sale model [5][7]. - While some cities are moving towards current sales, the overall industry adjustment is still ongoing, and a hasty shift could exacerbate existing problems [7][9]. Group 4: Future Outlook - Several regions, including Guangdong and Anhui, are piloting current home sales, with some cities like Xinyang planning to fully implement this model by 2025 [8][9]. - Developers are encouraged to adapt to the changing market by offering current or near-current home options, as seen with companies like Zhongkun Real Estate [9][10]. - The article concludes that while current home sales may become dominant in the long term, the timing and method of implementation will vary by city, requiring careful consideration to ensure consumer benefits [9].

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].