In order to speed up the construction of a new model of real estate development and steadily promote the reform of the commercial housing sales system, multiple departments in Beijing jointly issued the "Implementation Opinions on the Implementation of the "Notice on Improving the Commercial Housing Sales System". The "Implementation Opinions" clarified six policies and measures, including comprehensively strengthening pre-sale management, orderly implementing existing home sales, implementing the host bank system, improving commercial housing credit management, optimizing land supply management, and continuing to regulate market order and quality supervision. It will be implemented from September 24, 2026. What impact will this have on the real estate market?
The "Implementation Opinions" issued by Beijing comprehensively and strictly enforces pre-sale management requirements, clarifying that starting from August 28, 2026, Beijing will issue a new commercial housing project with a state-owned construction land use right transfer announcement. If you apply for pre-sale, the single building should complete the main structure capping, and also need to issue the "Main Structure Division Project Acceptance Record" signed and stamped by the project construction unit, survey, design, construction, supervision and other units. At the same time, if a new project applies for pre-sale, its pre-sale funds will be supervised in full and throughout the process, and the fund supervision can only be lifted after the joint acceptance of the project.
In order to ensure a smooth transition of projects in progress, the "Implementation Opinions" uses August 28, 2026 as the key dividing point to distinguish three categories. In particular, projects that have obtained land use rights but have not obtained planning permits are allowed to still apply according to the original pre-sale conditions before the end of 2027, but they need to strengthen fund supervision and report to the municipal level for filing.
The "Implementation Opinions" stipulate that existing home sales must be implemented in an orderly manner. Starting from August 28, 2026, new projects will give priority to existing home sales. In the process of selling existing houses, real estate development companies can sign a house purchase deposit contract with house buyers after obtaining a construction project construction permit, and generally charge a deposit of no more than 1% of the total house price.
In addition, capital supervision and the sponsoring bank system are also the core focus of this reform, which directly addresses the pain points of fund misappropriation and unfinished business under the past pre-sale system. The "Implementation Opinions" clarify that the sponsoring bank system should be implemented. For commercial housing projects with development loan contracts signed after August 28, 2026, if the lending bank provides development loans separately, the lending bank will be the sponsoring bank.
Experts pointed out that this rule will significantly change the traditional "high turnover" model of real estate companies. In the past, real estate companies relied on advance pre-sales and quick collection of mortgage payments from home buyers to acquire land on a rolling basis and expand their scale; under the new policy, the pre-sale repayment time has been greatly delayed, and existing housing projects cannot be officially sold until the first registration of the house is completed, which significantly lengthens the capital accumulation cycle.
In order to alleviate the financial pressure on real estate development enterprises, the "Implementation Opinions" also clarifies that for commercial residential land with a transfer announcement issued after August 28, 2026, 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 balance can be extended to be paid within two years after the transfer contract is signed, without interest.
After the new regulations are implemented, what are the most direct benefits to home buyers? To put it simply, the security of buying a house has been significantly improved. The pre-sale of newly transferred land must be capped or sold directly as an existing house. The quality, unit type and supporting facilities of the house can be verified on site. Experts believe that for the Beijing property market, policies will help to clear the market smoothly, safeguard the bottom line of people's livelihood, and achieve a virtuous cycle between the real estate industry and urban development.
Producer丨Fan Xinzheng
Reporter丨Wang Yiqun
