An aerial drone photo taken on June 27, 2025 shows buildings of Pengyi residential compound after renewal in Jing'an district, East China's Shanghai. [Photo/Xinhua]


SHANGHAI -- Shanghai on Monday rolled out a new set of rules to tighten pre-sale requirements and prioritize completed-home sales of commercial housing projects.


The guideline, jointly released by four municipal authorities, covers six core areas, such as stricter pre-sale oversight, completed-home sales, and a lead-bank mechanism, as the city begins phasing in a safer housing sales framework starting Monday.


Under the new rules, residential projects from land plots with sale announcements published after Aug 28, 2026 may launch pre-sales only once buildings reach full structural topping out.


If developers fail to deliver homes on schedule, buyers may terminate deposit contracts. Developers must refund deposits and bear contractual liabilities, as stipulated in the new rules.


A lead-bank system takes effect for new loan agreements signed from Aug 28, 2026. Developers open dedicated accounts with designated lead banks.


Prior to Shanghai, the city of Beijing also issued a similar guideline last week, requiring new commercial housing projects to complete main-structure topping-out before applying for presale permits.


The guideline issued by the Beijing Municipal Commission of Housing and Urban-Rural Development and three other municipal departments notes that for new commercial housing projects after Aug 28, each building must have its main structure topped out before a presale is allowed to proceed.


The Ministry of Housing and Urban-Rural Development held a press conference on Sept 18, briefing that China's property market has seen major changes in supply and demand and entered a new phase increasingly centered on existing housing stock.


Zhang Xuetao, an official with the ministry, said to adapt to these changes, China is accelerating efforts to foster a new development model for the real estate sector. The country will press ahead with reforms to three key systems governing property development, financing and sales to promote the sector's sound development.