Every reporter｜Chen Mengyu
On the eve of the full moon of the “August 28 New Real Estate Deal”, Beijing took the lead in issuing local implementation details for the reform of the commercial housing sales system.
On September 24, four departments including the Beijing Municipal Housing and Urban-Rural Development Commission issued the "Implementation Opinions on the City's Implementation of the Notice on Improving the Commercial Housing Sales System" (hereinafter referred to as the "Implementation Opinions"). The document will be effective from September 24, and clarifies six policy measures including comprehensively strengthening pre-sale management, orderly implementation of existing home sales, and promoting the sponsoring bank system.
Previously, on August 28, the Ministry of Housing and Urban-Rural Development, the Ministry of Natural Resources, and the State Administration of Financial Supervision jointly issued the "Notice on Improving the Commercial Housing Sales System", deploying various localities to steadily promote the reform of the commercial housing sales system and accelerate the construction of a new model of real estate development. It is clearly stated that all localities should vigorously and orderly promote the sales of existing commercial housing to achieve "what you see is what you get" and reduce disputes over the delivery of commercial housing.
Yan Yuejin, deputy director of the Shanghai Yiju Real Estate Research Institute, analyzed to a reporter from the "Daily Economic News" (hereinafter referred to as "Economic Reporter") that the document issued by multiple departments in Beijing has become the country's first local version of the reform of the three real estate systems. It has a strong vane significance and has strong reference significance for subsequent regions.
Implement policies for classifying existing projects
Judging from the time point, the "Implementation Opinions" make it clear that after August 28, 2026, if a commercial housing project (hereinafter referred to as a new project) that has newly announced the transfer of state-owned construction land use rights in Beijing applies for pre-sale, the single building should complete the capping of the main structure, and the "Main Structure Division Project Acceptance Record" signed and stamped by the project construction unit, survey, design, construction, supervision and other units must also be issued. At the same time, if a new project applies for pre-sale, the pre-sale funds will be supervised in full and throughout the process. Fund supervision will be lifted after the joint acceptance of the project is completed.
In order to ensure the smooth transition of projects in progress, the "Implementation Opinions" implement classified policies for existing projects:
First, before August 28, 2026 (inclusive), for commercial housing projects that have obtained (including partially obtained) construction project planning permits but have not obtained pre-sale permits, if such projects apply for pre-sale, pre-sale conditions, pre-sale fund supervision, etc. shall be implemented in accordance with the original policy regulations.
Second, before August 28, 2026 (inclusive), commercial housing projects that have obtained (including are being transferred) state-owned construction land use rights but have not obtained a construction project planning permit will, in principle, implement pre-sale management policies in accordance with new project requirements. If the district governments can ensure that the project is completed and delivered on time, they can still apply for pre-sale under the original pre-sale conditions before the end of 2027 on the premise of strengthening the supervision of pre-sale funds and filing with municipal departments.
Third, before August 28, 2026 (inclusive), projects with historical problems in real estate that have obtained the right to use state-owned construction land can refer to the relevant regulations for projects in progress after the district governments complete the risk assessment.
Yan Yuejin said in this regard that in terms of comprehensively strengthening pre-sale management, the pre-sale standards for new land transfer projects have been uniformly raised to the cap of the main structure, which is consistent with the national reform direction. It objectively raises the pre-sale threshold and also puts forward higher preparation requirements for subsequent land acquisition projects. At the same time, supervision of pre-sale funds has been further strengthened. The policy has set up corresponding transitional arrangements. In principle, the original model can still be used for land that has been auctioned, including land that has just been auctioned and has not yet been developed. This will help reduce the pressure on enterprises and avoid major financial constraints caused by increased pre-sale standards. The plots before the reform can logically follow the original model, and the subsequent new land transfers will be subject to the new pre-sale standards.
In terms of existing home sales, the "Implementation Opinions" propose that starting from August 28, 2026, new projects will give priority to the existing home sales model. After the real estate development enterprise completes the first registration of the house, it prepares an existing house sales plan and applies for existing house sales record to the housing and urban-rural development (housing management) department in the area where the project is located. At the same time, the "Implementation Opinions" clarify that the houses sold and the construction land use rights should be free of mortgages, seizures, etc.
It is worth noting that in the process of selling existing houses, the "Implementation Opinions" stipulate that real estate development companies can sign a house purchase deposit contract with house buyers after obtaining a construction permit, and generally charge a deposit of no more than 1% of the total house price. If the real estate development enterprise defaults and fails to deliver the house on time, the house buyer has the right to terminate the deposit contract in accordance with the contract.
Yan Yuejin analyzed this and gave priority to existing home sales, while retaining the traditional pre-sale model, that is, the model with improved pre-sale standards. For existing home sales, the deposit limit is 1%, which is lower than the previously expected 5%. It is more symbolic and focuses on locking in intended customers and reserving a customer base for existing home sales projects.
The land side has strong support
Every reporter noticed that on the evening of September 23, the Beijing Municipal Planning and Natural Resources Commission announced that it had suspended the listing and trading of two land parcels, the DCL02 land development project for the shantytown reconstruction in Area A of Yuegezhuang Village, Fengtai District, and the CP00-1802-0006 land parcel for the shantytown reconstruction and environmental improvement project in Xiaoshahe Village and surrounding areas in Changping District. At that time, the relevant person in charge stated that the next step would be to further optimize the transfer conditions in conjunction with the relevant requirements of the "Notice on Improving the Commercial Housing Sales System" jointly issued by the Ministry of Housing and Urban-Rural Development, the Ministry of Natural Resources, and the State Administration of Financial Supervision.
This is the third land parcel that Beijing has suspended from selling after the “8.28 New Real Estate Deal”. Previously, on September 3, the trading of land plot JT-629 in Tuofangying, Jiangtai Township, Chaoyang District was suspended before the auction started. According to statistics from reporters, a total of 3 residential land parcels were sold in Beijing after August 28, with a total value of approximately 11 billion yuan. Judging from the transaction situation, high-end low-density land parcels are still heavily bet by leading central enterprises, while large-volume, high-end construction and strong-constraint land parcels have been withdrawn one after another, and the market has entered the stage of "shooting and adjustment at the same time".
Specifically, the three residential land parcels sold in Beijing after August 28 are the Wenyu River land parcel in Houshayu, Shunyi (approximately 8.3 billion yuan, a premium rate of 17.3%, and the winner was China Resources Land), TZ01 Songzhuang, Tongzhou -Plot 0101-0001 (the reserve price is about 1 billion yuan, the winner is China Green Development), and the residential land 0008/0009 on the west bank of the East Shah River in Changping New Town (the reserve price is about 1.7 billion yuan, the winner is Beijing Urban Construction).
The "Implementation Opinions" this time clearly support the transfer of planning plans and the start of construction as soon as the land is obtained. Improve the "one site, one policy" consultation mechanism, increase support for municipal supporting construction around the land, and promote the "seven connections and one leveling" of land entering the market. In order to alleviate the financial pressure on real estate development enterprises, the "Implementation Opinions" clarified that for commercial residential land with a transfer announcement issued after August 28, the transfer price can be paid in installments in accordance with national regulations. The down payment must be paid within 30 natural days from the date of signing the transfer contract, and the payment ratio shall not be less than 50% of the total price. The remaining balance can be extended to be paid within two years after the transfer contract is signed, without interest.
"The land side has strong support. The overall logic is to create a better land market environment, including planning, land acquisition, construction and other business environment optimization. One of the more pragmatic ones is to postpone the payment of the land transfer price, making it clear that it can be paid within two years, and no interest will be calculated for the delay. Previously, some cities were strict and generally required payment within three months or half a year. Therefore, this policy has substantially reduced the pressure on corporate development funds, and will significantly ease the financial pressure on all subsequent residential land." Yan Yuejin believes.
Yan Yuejin said that overall, previous land acquisition projects are basically unaffected, and companies that have already acquired land do not need to worry too much. The reform is mainly aimed at subsequent new land transfers. There will be no major changes to the original projects, so the market does not need to worry too much. However, it needs to be made clear that the pre-sale standards for subsequent new land acquisition projects have been clarified, at least reaching the cap of the main structure, which may become a normal pattern. Objectively speaking, the requirements have increased, and companies are required to speed up the matching and use of funds. This is an important change.
"The most important thing to pay attention to right now is the companies that have acquired the land but have not yet started selling it. Because after these companies apply for pre-sale licenses and enter sales, personal mortgage loans will not be issued immediately. In fact, there is about two years more financial pressure than expected. Therefore, companies that have land now must pay attention "This is the biggest impact of Beijing's policy. In the past, funds could be withdrawn in about one year, but now it may take about three years. The capital occupation period is about three times the original, and the financial pressure is increased by about two times." Yan Yuejin reminded that for companies that want to acquire land later, the impact will be smaller. Because land-acquiring companies can now defer the payment of land transfer fees, although the pre-sale standards have been raised, there is a high probability that the pre-sale requirements will only be slightly raised, and it is far from being a complete direct shift to existing home sales.
