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 acro

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 market’s evolution and adapts to the altered supply–demand dynamics.