Control Increment, Destock, Optimize Supply: New Real Estate Policies Reshape the Cash Flow Rhythm of Developers

On August 28, three departments including the Ministry of Housing and Urban-Rural Development jointly issued new policies, requiring the orderly advancement of raising the pre-sale threshold to the completion of the main building structure, full supervision of pre-sale funds, and a "new-old cutoff" for existing-home sales, ushering in a historic transformation of the commercial housing sales system. Industry experts interviewed by Securities Times reporters believe that this reform precisely echoes the central government's tone for real estate work of "controlling increments, destocking, and optimizing supply," and will reshape the cash flow timeline of real estate development. The past high-turnover model of "land acquisitionconstruction startpre-salere-land acquisition" will be difficult to sustain, and chain changes in supply, inventory, and the industry competitive landscape will unfold as a result. The logic of real estate operations is being systematically reshaped.