Guangdong Housing Policy Research Center chief researcher Li Yujia said China
will enter a transition period in which presales and sale‑on‑completion coexist;
authorities will gradually raise presale thresholds and narrow the gap with
sale‑on‑completion to reduce reform costs and pain and ultimately move to
sale‑on‑completion. A regulatory Notice proposes a sponsor‑bank framework—each
project designates one bank or a bank syndicate as sponsor to meet reasonable
project financing and create sponsor–developer interest‑sharing and risk‑sharing
links; allows pooled per‑unit land‑use rights to be pledged as collateral for
development loans; and supports developers issuing equity, bonds and other
instruments so loan disbursements align with project construction cycles.
