据房地产分析师称，在武汉改革新房销售模式后，中国住房市场的全面供给侧转型很可能优先于购房者需求的任何即时复苏。
A complete supply-side transformation of China’s housing market is likely to take precedence over any immediate revival in homebuyer demand following Wuhan’s overhaul of new-home sales, according to property analysts.
作为中部湖北省省会的武汉，继北京、上海和广州之后，成为第四个鼓励向现房销售更广泛转型的主要经济中心。
Wuhan, capital of the central Chinese province of Hubei, is the fourth major economic hub – after Beijing, Shanghai and Guangzhou – to encourage a broader transition towards completed-home sales.
“这些措施并不直接刺激需求，但将推动供给侧的结构性转变，”易居中国研究发展院副院长严跃进表示。他补充称，这些规定有望引导购房者转向现房和更高品质的存量房。
“These measures do not directly stimulate demand, but they will drive a structural shift on the supply side,” said Yan Yuejin, deputy director at E-House China Research and Development Institution. The rules were likely to steer buyers towards completed homes and higher-quality inventory, Yan added.
中指院华中市场研究中心总监李国政表示，该政策旨在平衡交付风险、购房者保护和开发商资金压力。
Li Guozheng, director of China Index Academy’s central China market research centre, said the policy sought to balance delivery risks, buyer protection and developers’ funding pressure.
他在周四接受国内媒体采访时表示：“这将帮助企业转型，同时支持市场平稳调整。”
“This will help enterprises transition while supporting a smooth market adjustment,” he said in an interview with domestic media on Thursday.
根据周四发布的规定，8月28日后出让土地上的住宅项目，只能在建筑主体结构封顶后方可开展预售，同时鼓励开发商优先开展现房销售。
Under regulations issued on Thursday, residential projects on land sold after August 28 can open pre-sales only after a building’s main structure has been topped out, while developers are encouraged to prioritise completed home sales.
在该日期前获取土地但未取得施工许可证的项目，一般适用新规。不过，若区级主管部门认定项目能按期交付，开发商可继续沿用原有预售框架至2027年底。
Projects on land acquired before that date without construction permits will generally be subject to the new rules. However, developers may continue to use the previous presale framework until the end of 2027 if district authorities determine projects can be delivered on schedule.
这些措施落实了住房、土地和金融国家监管部门于8月28日发布的指令，指示地方政府优先在新出让土地上推行现房销售。
The measures implement an August 28 directive issued by national housing, land and financial regulators instructing local governments to prioritise sales of completed homes on newly sold land.
官方通知称，预售仍被允许，但条件更严格，且预售房的按揭贷款将仅在项目竣工后发放。
Pre-sales remain permitted, but under stricter conditions, and mortgages on pre-sold homes will be issued only after projects are completed, according to the official notice.
政策大修之际，中国房地产市场在各地区间持续分化。8月份，一线城市平均新房价格环比微涨0.1%，而二线城市价格下滑0.1%。
The policy overhaul comes as China’s property market continues to diverge across regions. Average new-home prices in first-tier cities edged up 0.1 per cent month on month in August, while prices in second-tier cities slipped 0.1 per cent.
作为通常归类为二线城市的武汉，面临更大压力。8月份新房价格同比下跌1.7%，而二手房价格暴跌6.3%。
Wuhan, generally classified as a second-tier city, has faced greater pressure. New-home prices dropped 1.7 per cent year on year in August, while resale prices slumped 6.3 per cent.
为缓解现金流，当地政府表示，在原有制度下运营的开发商可申请银行担保，以替代最多30%的用于项目完工的监管资金。
To ease cash flow, the local government said developers operating under the previous regime could apply for bank guarantees to replace up to 30 per cent of escrow funds reserved for project completion.
在国家指令发布后拿地的开发商，必须在六个月内支付至少一半的土地出让金，并在一年内支付剩余部分，或经监管批准在两年内支付。
Developers of land acquired after the national directive must pay at least half the land premium within six months and the remainder within a year, or within two years with regulatory approval.
严某表示，主要城市相继推出类似政策，凸显出对开发商资金实施更严格监管、同时提供定向信贷支持以降低融资成本的更广泛转变。
Yan said similar policy roll-outs across major cities highlighted a broader shift towards tighter supervision of developers’ funds, alongside targeted credit support aimed at lowering financing costs.
他补充称，预计这些变化将对开发商产生最大影响，因为投资模式“可能会发生一些变化”。
He added that the changes were expected to have their biggest impact on developers as investment models were “likely to undergo some changes”.