The "spot property sales system" has been fully implemented in all seven major cities.

Shenzhen and Hangzhou rolled out relevant policies on the same day, and the implementation rules for the "completed property sales system" in core national cities have been basically rolled out.

On October 15, Shenzhen stipulated that newly transferred land after August 28 will be prioritized for completed property sales. For new projects applying for pre-sales, the main structure of a single building must be capped. Pre-sale funds will be subject to full-process full-amount supervision, and mortgage loans (including provident fund loans) will be issued after completion filing, while a transition period will be set for ongoing projects.

Hangzhou made it clear that it supports phased development of projects and phased completion filing. The two cities' simultaneous policy rollout means that the reform has moved from "clear direction" to "detailed rules implementation".

Up to now, Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, Tianjin and Wuhan have all issued implementation rules. The implementation framework of "completed property sales" in core national cities has basically taken shape.

This is not a simple superposition of policies, but an institutional transition from pre-sales to completed property sales, which is taking the lead in core cities.

Yan Yuejin, Vice President of E-House China Real Estate Research Institute, said that the intensive rollout of policies in the seven cities marks that the national reform related to completed property sales is advancing in an orderly manner. The pattern that first-tier cities and core second-tier cities take the lead in implementation is clear, which has a strong leading and demonstration effect.

Sorting out the rules shows that the seven cities are highly consistent on three bottom lines: for new land transfer projects that implement pre-sales, the main structure must be capped, pre-sale funds are subject to full-amount and full-process supervision, and a cut-off date of August 28 is set to distinguish between new and old projects.

This shows that the reform does not simply cancel pre-sales, but makes pre-sales safer and more transparent. However, the consistent bottom line does not mean the same path, the differences are precisely concentrated at the implementation level.

In terms of transition period, Wuhan and Hangzhou extend it to the end of 2028; Shanghai is more prudent, making it clear that for ongoing projects, "old conditions apply and new supervision rules apply".

In terms of capping recognition, Beijing, Wuhan and Shenzhen have stricter requirements, requiring five-party acceptance or on-site verification; Shanghai, Tianjin, Guangzhou and Hangzhou follow the caliber of superior official documents.

The upper limit of completed property deposit forms a gradient from 1% in Beijing to 5% in Guangzhou, Tianjin and Hangzhou, 3% in Shanghai and Shenzhen, and no more than 5% in principle in Wuhan.

In terms of fund release, Wuhan is the only city that clearly allows guarantee letter replacement. Tianjin adopts point-to-point direct allocation to special accounts for construction enterprises, material suppliers and migrant workers' wages. Hangzhou combines pre-sale deposit and down payment for management with a wider supervision scope.

Where do the differences come from? The fundamental market condition is an important factor.

CRIC data shows that the supply-demand ratio of new commercial residential buildings from January to September 2026 is 0.67 in Guangzhou, 0.74 in Beijing, 0.74 in Shenzhen, 0.76 in Tianjin, 0.86 in Shanghai, 0.88 in Hangzhou and 0.97 in Wuhan; by the end of September, the inventory digestion cycle is 11 months in Hangzhou, 18.2 months in Shanghai, 20.3 months in Tianjin, 23 months in Guangzhou, 23.2 months in Shenzhen, 28 months in Wuhan and 30.1 months in Beijing.

Cities with high inventory digestion pressure generally offer greater flexibility in transition arrangements and fund release tools. Wuhan has a supply-demand ratio of 0.97 and an inventory digestion cycle of 28 months, corresponding to the largest number of transition gears among the seven cities and the only guarantee letter replacement arrangement; Hangzhou has the shortest digestion cycle, and its transition period is set on the basis of relatively stable market demand. The dual consideration of land transfer revenue and real estate enterprises' cash flow determines the tightness of the land payment period.

CRIC pointed out in its article that the direction of the "828 New Deal" is consistent, but the implementation rules of the seven cities show that there is more than one implementation path for institutional transformation. The real difference in local policies does not lie in whether to promote completed property sales, but in how to arrange the connection between transition rhythm, supervision funds, development financing and land payment. The difference itself is information: it not only marks the boundary of the policy flexibility space, but also reflects the differentiation of market pressure and risk tolerance of various cities.

Industry insiders analyze that after seven cities across the country issue implementation opinions, strong second-tier and provincial capital cities are expected to follow up one after another, and completed property sales will evolve from local pilots to a national institutional norm. In the fourth quarter, it is expected that more cities will roll out implementation rules, and more cities will further release policy flexibility space.

This article is from the WeChat Official Account "Leju Finance", author: Li Lan, published with authorization from 36Kr.