Timing Not Right for China Home-Sales Overhaul, State Media Says
The timing for a nationwide housing market reform that would only allow developers to sell completed properties is 'not mature,' according to China Real Estate Business, an outlet managed by China's Ministry of Housing and Urban-Rural Development.
At least 30 cities in China have released documents on testing the idea of only permitting sales once units are finished, but a rush to implement such an overhaul at a national level would put operational pressure on local builders and subdue interest in land auctions, the state media said in an article posted on its official Wechat account on Sunday.
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