每经评论员陈梦妤 时隔一年，现房销售的政策定位实现显著升级。 12月22日至23日召开的全国住房城乡建设工作会议，明确提及"推进现房销售制，实现'所见即所得'， 从根本上防范交付风险"。在去年的全国住房城乡建设工作会议上，相关表述是"有力有序推行现房销 售"，并将其列为2025年住房和城乡建设部重点工作之一。 今年下半年以来，不论是住建部部长在《中共中央关于制定国民经济和社会发展第十五个五年规划的建 议》辅导读本中的表态，还是相关政策试点城市队伍的大扩容，都印证了这样一个变化——"现房销 售"这个业界一度讳莫如深的概念正一步步成为现实。 不可否认的是，已实施30余年的期房销售制度，在特定历史时期对快速扩充住房供给、推动城镇化进程 发挥了关键作用，这也是过去多年现房销售政策未能顺利推进的核心原因。 在预售模式下，开发商依靠预售回款实现快速滚动开发，资金周转周期短、杠杆率高，这一模式曾催生 诸多"行业神话"——购房者仅凭一张图纸就下单，甚至未看样板间、沙盘便冲动购房。在此背景下，开 发商缺乏精耕细作的内在动力，竞争焦点集中在融资成本、拿地能力、营销手段等环节，而非房屋本身 的品质。 现房销售的落地，对开发商的最直 ...

本报记者 李贝贝 上海报道 随着"十五五"规划建议中房地产高质量发展要求的提出，以及住房和城乡建设部相关部署的推进，四 川、福建、浙江等全国多地于近期加紧研究谋划现房销售支持政策，有力有序推进现房销售试点，力争 进一步提高现房销售占比。 据国家统计局数据，2024年，商品房现房销售面积约占商品房销售面积的30.84%；今年前9月，商品房 现房销售面积在商品房销售面积中的占比提升至35.4%，现房销售占比持续攀升。 中原地产首席分析师张大伟向《华夏时报》记者强调，现阶段现房销售改革并非对预售制的简单否定， 而是构建"现房为主、预售为辅"的二元体系，从根源上切断烂尾风险传导链。不过，如果实施现房销 售，房企面临的资金压力显著增加，需加大金融支持力度，通过提高开发贷额度、延长期限等措施缓解 转型阵痛。 超30个省市出台政策，多路径推进现房销售 所谓"现房销售"，是指房地产开发企业将已竣工验收合格、具备法定交付条件并可直接办理产权登记的 商品房向市场出售的行为。购房者在交易完成后，即可获得房屋的实际占有和使用权，通常能迅速完成 产权转移。与之相对应的"预售制"，则是指开发企业在项目建设完成前，预先销售尚处于建设阶段的 ...

Core Viewpoint - The real estate market in China is undergoing a significant transformation, moving away from the traditional "pre-sale" model towards a "current sale" approach, reflecting a shift in consumer sentiment and regulatory changes [1][3][7]. Summary by Sections Background of Pre-sale System - The pre-sale system, known as "buying off-plan," was introduced in China in 1994 and has been a crucial financing channel for developers, historically accounting for over 20% of their funding sources [4][5]. - This model allowed developers to alleviate financial pressure and provided consumers with lower prices for future properties [4]. Emergence of Current Sale Model - The shift towards current sales began with Hainan Province in 2020, which abolished the pre-sale system, leading to over 30 provinces and cities adopting similar policies [7][8]. - Recent data shows that the proportion of current sales has increased significantly, from 12.7% in 2020 to 30.84% in 2024, with recent figures reaching 36% [10][20]. Policy Changes and Implementation - The recent policy from Xinyang City mandates that new residential projects must be sold as completed properties, reflecting a broader national trend [3][10]. - The central government has recognized the need to reform the pre-sale system, making it a priority for future housing policies [8]. Challenges for Developers - The transition to current sales poses significant challenges for developers, including increased capital requirements and longer project timelines, which could lead to financial strain [14][16]. - Developers now face a longer sales cycle, extending from 6-18 months to 18-36 months, increasing their financial risk [14]. Consumer Sentiment and Market Dynamics - The shift in sales models is driven by changing consumer attitudes, particularly in light of recent financial difficulties faced by developers, leading to a preference for purchasing completed homes [12][20]. - The current sales model is expected to reshape consumer behavior, moving from speculation to a focus on tangible property quality [12][20]. Gradual Reform Approach - Experts advocate for a gradual reform approach to avoid market disruption, suggesting that both pre-sale and current sale models may coexist in the near future [16][18]. - The implementation of supportive policies, such as deposit systems and tax incentives for current sales, is crucial for facilitating this transition [20].

Core Viewpoint - The acceleration of "existing house sales" is being implemented across at least 32 provinces and cities in China since 2024, which will have profound impacts on real estate companies and local governments [1][4]. Group 1: Policy Implementation - The central government has prioritized the promotion of existing house sales as a key policy agenda, emphasizing its role in preventing delivery risks [3][4]. - By the end of 2024, the policy will be fully implemented, marking a significant shift in the housing market dynamics [3][4]. Group 2: Impact on Real Estate Companies - Existing house sales will increase financial pressure on developers, requiring them to adapt their financing models as they can only recoup funds after project completion [9]. - The development cycle will lengthen, compelling companies to focus more on quality and customer needs in project planning and execution [9]. - The shift to existing house sales will accelerate the consolidation of the industry, favoring larger firms while putting smaller companies at greater risk [9][11]. Group 3: Changes in Business Models - Companies are likely to transition towards lighter asset models, increasing their focus on construction and management services rather than heavy investment in land acquisition [11][12]. - The proportion of residential construction projects is expected to rise, with more firms entering the construction management sector [11][13]. Group 4: Market Dynamics - The penetration rate of construction management in first-tier cities is expected to increase, while second-tier cities will remain stable and third- and fourth-tier cities may experience a decline [17]. - The existing house sales model will lead to a more competitive environment in the construction management sector, with larger firms dominating the market [21]. Group 5: Financing and Payment Structures - The existing house sales model will necessitate changes in payment structures for construction management projects, linking payments more closely to project milestones rather than sales revenue [20][21]. - Companies will need to collaborate with local governments to secure land and mitigate financial constraints, leading to a rise in joint ventures and partnerships [20].

Core Viewpoint - The implementation of "existing house sales" is a crucial step in constructing a new model for real estate development, aimed at enhancing buyer protection and product quality while promoting high-quality industry growth [1] Group 1: Current Practices and Policies - Over 30 provinces and cities in China have introduced policies related to existing house sales since the end of 2022, with pilot projects in cities like Hefei, Zhengzhou, and Changsha [2] - The first pilot project in Jingmen City, Hubei Province, successfully sold all 106 units on the opening day [3] - Local governments are actively promoting existing house sales through measures such as providing tax subsidies for buyers and optimizing pilot projects [4] Group 2: Market Trends and Statistics - 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 [5] - In the first three months of this year, existing house sales area reached 79 million square meters, a year-on-year increase of 14.3%, with a share of 36% in new housing sales, up from 30.6% in the same period last year [6] Group 3: Advantages and Challenges of Existing House Sales - Existing house sales reduce buyer risks, enhance market transparency, and boost consumer confidence, allowing buyers to assess property quality directly [7] - The model requires real estate companies to manage funding differently, as they must finance the entire project until completion, leading to increased financial pressure [9] - Stronger product design and brand influence will provide greater opportunities for companies in the existing house sales model [10]

Core Viewpoint - The acceleration of the "immediate delivery" housing sales model in China is being driven by recent policy reforms aimed at enhancing the real estate market, with a notable increase in the proportion of existing home sales reaching a decade-high of 32.16% in early 2025 [2][9][12]. Group 1: Policy Developments - The national housing and urban-rural development conference in December 2024 emphasized the need to reform the commodity housing sales system and promote immediate delivery sales [1][7]. - As of May 2025, the Housing and Urban-Rural Development Bureau of Xinyang, Henan, mandated that all newly developed commodity housing on newly sold land must adopt the immediate delivery sales model [4][6]. - At least 32 provinces and cities have initiated pilot programs for immediate delivery sales since 2024, although comprehensive implementation remains challenging [3][8]. Group 2: Market Trends - The proportion of immediate delivery sales in China rose to 32.16% in early 2025, up from 26.97% in 2024, marking a significant recovery from a low of 10.16% in 2020 [2][9]. - The increase in immediate delivery sales is largely attributed to a shift in buyer preferences due to market conditions, with many existing homes being sold as a result of unsold inventory rather than proactive choices by developers [12][16]. Group 3: Economic Implications - The transition to immediate delivery sales is expected to lengthen the cash flow cycle for projects, impacting profitability, particularly for high-end developments [15][17]. - The current market environment is characterized by a contraction phase, with policies focusing on optimizing existing inventory and enhancing quality in the housing sector [16][18].

Core Viewpoint - The topic of "immediate housing sales" has gained market attention as multiple regions actively pilot this approach, with supporting policies continuously improving, leading to a steady increase in market share [1][3]. Group 1: Background and Development - The pre-sale system for commercial housing originated in Hong Kong and was introduced to mainland China in the 1990s, becoming mainstream and helping real estate companies quickly recover funds and enhance development efficiency [3]. - However, as the market evolved, issues such as delivery risks and quality disputes associated with the pre-sale system became prominent, prompting the pilot of immediate housing sales to cool down land acquisition during market overheating and ensure delivery amid industry risks [3]. Group 2: Regional Pilot Programs - Hainan was the first province in China to implement immediate housing sales policies at the provincial level, mandating that newly sold land for residential construction must adopt this sales method since March 2020 [3]. - Beijing expanded the pilot scope for immediate housing sales in concentrated land auctions starting in 2021, and after optimizing the concentrated land supply system in 2023, some plots still included a "competitive immediate housing sales" segment [3]. - Shenzhen restarted its exploration of immediate housing sales in August 2023, with plans for all plots to require immediate sales by October 2024 [3]. Group 3: Policy Support - Both central and local governments are collaboratively supporting the pilot of immediate housing sales, with over 30 provinces and cities initiating trials or issuing supportive policies since the end of 2022 [3]. - Cities like Hefei and Zhengzhou have explicitly defined pilot projects, while places like Ganzhou, Jiujiang, and Shandong have introduced measures such as extending land transfer payment deadlines, tax subsidies, and increasing public housing loan limits [3]. - The concept of immediate housing sales was systematically proposed for the first time at the national housing and urban-rural development work conference in January 2023, with several provinces like Shandong and Anhui confirming their pilot programs [3]. Group 4: Market Data and Trends - The proportion of immediate housing sales is gradually increasing, with the National Bureau of Statistics reporting that the sales area for immediate housing in 2024 is approximately 300 million square meters, a year-on-year increase of 19.1%, accounting for 30.84% of total sales [4]. - The market share for immediate housing sales from 2020 to 2023 was recorded at 12.7%, 13%, 17.3%, and 22.5% respectively [4]. Group 5: Industry Implications - The director of 58 Anjuke Research Institute, Zhang Bo, believes that immediate housing sales represent a significant trend for the future of the real estate incremental market and are crucial for promoting high-quality transformation of real estate companies, although comprehensive implementation requires multi-dimensional supporting reforms [4]. - Currently, the timing for full implementation is deemed immature, as rapid execution may elevate market risks and impact the industry negatively [4]. - For real estate companies, immediate housing sales extend the capital recovery cycle and increase pressure, potentially reducing new housing supply in the short term and delaying market recovery [4]. - In the long run, immediate housing sales are expected to enhance product quality, compel companies to optimize design, materials, and amenities, and promote industry competition, accelerating consolidation within the sector [4].