[New Real Estate Policies Reshape Developers' Cash Flow Pace]

On August 28, the Ministry of Housing and Urban-Rural Development and two other departments jointly introduced new policies, requiring the orderly advancement of raising the presale threshold to the completion of the main building structure, full supervision of presale funds, and a "new-old boundary" for existing home sales, marking a historic transformation in the commercial housing sales system.

Industry experts interviewed by Securities Times reporters believe that this reform precisely echoes the central government's positioning for real estate work of "controlling growth, destocking, and optimizing supply." It will reshape the cash flow timing of real estate development. The past high-turnover model of "land acquisition—construction start—presale—land reacquisition" is no longer sustainable. The chain reactions in supply, inventory, and the competitive landscape are unfolding from this point, and the operating logic of real estate is being systematically reshaped.