Detailed Rules for Reform of Commercial Housing Sales System in First-Tier Cities Fully Implemented, Property Markets in Multiple Cities Steadily Recovering

On August 28, the Ministry of Housing and Urban-Rural Development, the Ministry of Natural Resources, and the National Financial Regulatory Administration jointly issued the Notice on Improving the Commercial Housing Sales System, calling on localities to vigorously and orderly promote the sale of completed commercial housing so that buyers see exactly what they get, reduce delivery disputes, fundamentally guard against delivery risks, protect homebuyers' legitimate rights, and accelerate the construction of a new development model for the real estate sector. After the Notice took effect, Beijing, Shanghai, and Guangzhou issued supporting implementation opinions on September 24, September 28, and September 30, respectively. In terms of market performance, the market has steadily recovered since the detailed rules took effect. Industry insiders noted that rules such as capped presale, lending upon completion, and full-process closed-loop fund supervision shift developers' financing logic from being based on corporate credit to being based on project cash flow, upgrade delivery assurance from corporate promises to institutional constraints, and address homebuyers' concerns about delivery at the institutional level. During this year's National Day holiday, based on online contract signing data monitored by CREIS (China Index Academy), new home transactions in 25 key cities from October 1 to 7 totaled 551,000 square meters, and average daily transactions rose 33.8% year on year compared with last year's National Day holiday.