More than 30 provincial and municipal-level regions across China have reportedly launched pilot projects and rolled out incentives to promote the sales of ready-made homes as the country shifts from the traditional pre-sale practice to the sale of completed new homes.
The Ministry of Housing and Urban-Rural Development emphasized continuing to pursue reforms for the housing sales system to boost the sales of completed new homes when outlining its tasks for 2025 at its work conference last December.
Xinyang City in central China's Henan Province has emerged as a national trailblazer, mandating ready-made home sales at all newly sold plots in its core urban area.
In Jingmen City of central China's Hubei Province, a pilot ready-made home project sales center has welcomed a steady stream of homebuyers for the advantages of ready-made homes over pre-built ones in the old pre-sales practice.
"The community has mature supporting facilities. In addition to a larger usable floor space, we can also enjoy housing purchase subsidies. More importantly, unlike the pre-sale homes, I can decorate and move in right away," said Dong Qin, a homebuyer.
Locals have well received the first batch of pilot projects in Jingmen since their completed new homes were released in April.
"Property developers can begin construction just one and a half months after acquiring plots and then finish construction in a year. Enabling property developers to begin construction soon after acquiring plots, homebuyers to obtain property ownership certificates soon after handover and to live in homes that they saw during visits, the pilot projects have better met people's housing needs," said Peng Zhengxin, an employee of the municipal bureau of housing and urban renewal.
Hunan Province in central China has vowed to make the best of policy tools to regulate the property market and improve the pilot projects selling completed new homes.
Shandong Province in east China has raised the loan ceiling by more than 10 percent for ready-made home buyers applying for housing provident fund loans.
Various cities in east China's Jiangxi Province have extended the payment deadline of land transfer fees for ready-made housing projects and provided deed tax subsidies to homebuyers.
"The scheme can lower the risk for homebuyers and place higher requirements on real estate companies in terms of housing design and supporting facilities. This can push real estate companies to build better homes in line with the government's call for building quality homes," said Huang Yu, executive vice president of China Index Academy.
China speeds up promoting ready-made home sales with tailored incentives
