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China considers reforms in housing sales to boost the property market
Posted on August 30, 2024 |
China is changing its housing sales system, moving away from the common practice of selling homes before they are built.
This change is part of creating a more stable and sustainable property market.
Traditionally, developers sold homes during or before construction, with buyers paying upfront.
In January 2023, the Ministry of Housing encouraged selling completed homes in areas that are ready for it.
Cities like Beijing, Suzhou, and Hefei have launched pilot programs for this new approach.
The share of completed home sales grew from 10.4% in 2021 to 18.7% in 2023, and reached 26.7% in early 2024, the highest since 2010.
This shift is helping to form a new model for China’s property market.