Yu Xiaofen, director of the China Housing and Real Estate Research Institute at
Zhejiang University of Technology, said sales of completed homes emphasize “what
you see is what you get” and match the operating logic of a stock-dominated
housing market. She said the presale system helped close past supply gaps by
accelerating housing delivery and rapid capital recovery during fast
urbanization. But the market has fundamentally changed: urban per‑capita floor
area has exceeded 40 sq m, supply across stock and flow markets is adequate,
second‑hand transactions exceed half of sales area, and development goals must
shift from scale to quality. With the market’s primary tension moving from
availability to quality, state promotion of completed‑home sales follows the
The market’s evolution and adapts to the altered supply–demand dynamics.
