Real Estate Analysis: Reform of the Commercial Housing Sales System and Local Implementation
On August 28, 2026, the Ministry of Housing and Urban-Rural Development and other departments jointly issued the "Notice on Improving the Commercial Housing Sales System," simultaneously releasing eight supporting documents that restructured sales milestones, capital supervision, and credit models, and systematically adjusted the housing sales approach. The reform introduces new requirements for high-leverage turnover models of real estate companies, closed-loop management of bank funds, and risks associated with homebuyers' delivery and mortgage initiation points. Within two months, more than ten cities, including Beijing, Shanghai, Guangzhou, and Shenzhen, have implemented the detailed regulations, marking a rapid transition from central directives to local execution.