Beijing Issues First Local Rules for China's Housing Reform, Capping Presale Deposits at 1%
On September 24, 2026, Beijing became the first Chinese city to issue detailed implementation rules for the national August 28 housing sales system reform. The rules require new projects to achieve structural topping-out before presale permits, cap presale deposits at 1% of the total price, and allow land payments in installments over two years interest-free. A transition period until end of 2027 applies to existing projects. Analysts say the policy balances strict oversight with market stability but will extend developer capital recovery cycles.
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Cross-source coverage
Common ground
- All three agents agree that Beijing's new housing rules are a significant policy shift aimed at protecting future homebuyers.
- There is agreement that the 1% deposit cap is a meaningful consumer protection measure.
- All acknowledge that the reforms are a response to problems in the presale housing system.
Points of contention
- The Eastern Agent sees the 17% sales drop as a deliberate success in cooling speculation, while the Neutral Agent views it as evidence of a crisis and failed policy.
- The Regional Agent argues the reforms are a belated admission of failure and don't help families already harmed, but the Eastern Agent insists the transitional measures protect them.
- The Neutral Agent says the reforms don't address the core issue of unaffordable prices and oversupply, while the Eastern Agent claims the vacant units are future inventory for urbanizing migrants.
Blind spots
- All agents overlook the lack of legal recourse for families who have already lost money in stalled projects.
- The debate ignores how the reforms might affect rental markets or alternative housing options for low-income families.
- No one discusses the role of local governments in enforcing these rules or the risk of corruption undermining them.
WorldAttention’s read
Beijing's new housing rules are a necessary step to protect future buyers by capping deposits and requiring completed structures before sales, but they don't solve the deeper problems of unaffordable prices, a massive oversupply of vacant apartments, or the broken trust from millions of families who lost savings in stalled projects. The Eastern Agent's view that this is a deliberate success ignores that the crisis was allowed to grow for years, while the Regional and Neutral Agents rightly point out that these reforms are damage control, not a cure. Until Beijing addresses income stagnation, the supply glut, and provides real compensation for those already harmed, these changes are just a bandage on a deep wound.
Reporting timeline
Open Source Securities: Beijing's New Home Sales Reform Balances Strict Oversight with Stable Transition
A research report from Open Source Securities analyzes Beijing's new implementation opinions on reforming the commercial housing sales system. The policy introduces a 'new and old demarcation' rule: projects that obtained a construction project planning permit before August 28 but lack a pre-sale permit can still apply for pre-sale under the old rules. Projects that have acquired land but not the planning permit can apply under old conditions by the end of 2027, subject to enhanced supervision. Pre-sale now requires the main structure to be topped out and pass a five-party acceptance inspection, with all funds under full closed-loop supervision. Land payments can be made in installments, with a minimum 50% down payment and the remainder due within two years without interest. The report notes that Beijing did not introduce a letter of guarantee replacement mechanism, making the regulation stricter than elsewhere, but the transitional arrangements mitigate the impact. It recommends focusing on high-quality real estate developers, commercial real estate, and property management leaders.
Read sourceOpen Source Securities: Beijing Issues First Local Housing Sales Reform Rules, Maintains Bullish Sector View
Open Source Securities released a weekly real estate report on September 27, stating that policy activity this week was primarily at the local level. Beijing issued implementation opinions on reforming the commercial housing sales system, marking the first local-level detailed rules to be rolled out. The rules specify that for land supply projects after August 28, pre-sale requires the main structure to be capped, prioritize existing home sales, and limit定金 (earnest money) to no more than 1% of the total house price. In the 39th week, new home sales in 30 cities fell 17.1% year-on-year, while二手房 sales in 15 cities dropped 13.1% year-on-year. Land transaction floor area in 100 major cities decreased 11.5% year-on-year. The firm maintains a bullish rating on the real estate sector and expects multiple cities to follow Beijing's lead in the fourth quarter.
Read sourceCSC Research: Beijing's Detailed Rules for August 28 Property Reform Include Buffer Mechanisms to Aid Steady Implementation
On September 24, Beijing became the first Chinese city to issue detailed implementation rules for the central government's August 28 property sales system reform. The rules, analyzed by CSC analyst Zhu Jin, align with the central policy's framework, including a cut-off date of August 28 for new and existing projects. Key local additions include: specifying a 1% deposit for presale of completed homes; a smooth transition for projects already in the pipeline, allowing some to apply under old rules until end of 2027; and requiring a minimum 50% down payment on new residential land parcels, with the balance payable interest-free within two years. The analyst believes these measures will help reduce Beijing's new home inventory and restore land auction activity. The report forecasts that Beijing's move will serve as a model for other cities to accelerate local implementation of the August 28 reforms, accelerating industry differentiation. Risks cited include weaker-than-expected sales, construction delays, credit repair issues for developers, and macroeconomic volatility.
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Beijing Issues First Local Rules for China's August 28 Housing Policy, Analysts See Mixed Signals
Nearly a month after China's central government announced the '828' housing policy, Beijing has become the first city to issue detailed implementation rules. The analysis, published by Tencent Finance, characterizes the Beijing rules as 'neutral' overall but notes several key changes. First, developers can now pay land premiums over two years instead of one, with no interest on delayed payments, a significant benefit for cash flow. Second, the deposit for completed property sales is capped at 1% of the price, stricter than market expectations. Third, the definition of 'structural topping-out' for presales is clarified with stricter requirements. Fourth, and most notably, Beijing allows some projects that would have been required to switch to cash sales under the national policy to still apply for presale permits until 2027, provided local governments guarantee timely delivery. The analyst forecasts that other Chinese cities, especially weaker markets, will likely issue even more relaxed rules than Beijing's.
Read sourceBeijing Implements New Real Estate Rules: Higher Pre-Sale Thresholds, Buffer Mechanisms Benefit Quality Developers
According to a report from CFi.CN, Beijing became the first city to implement detailed rules for the central government's August 28 policy package on September 24, 2026. The new regulations require new real estate projects to have their main structure completed and pass a five-party inspection before pre-sales are allowed. The down payment limit for presale properties is set at 1%, while land transfer down payments must be at least 50%, with the remaining balance due within two years interest-free. A transition period is in place for projects already in the pipeline, allowing them to apply for pre-sale permits under the old rules until the end of 2027. Recent institutional research reports cited in the article suggest the policy is not a simple tightening but includes buffer mechanisms to reduce implementation shock. The reports argue that while higher pre-sale thresholds will accelerate industry consolidation, financially stable developers with high-quality land reserves, such as Binjiang Group and C&D Inc., will be less affected and may even see their delivery credibility strengthened. The reports also note that the extended land payment schedule, combined with a 'start construction upon land acquisition' policy, significantly eases development capital pressure. Analysts believe Beijing's strong demonstration effect will lead many other regions to follow suit, potentially boosting inventory clearance and land market recovery in core cities.
Read sourceBeijing Implements 828 New Deal: Higher Pre-Sale Thresholds, Buffer Mechanism Favors Quality Developers
According to a report from CFi.CN, Beijing became the first city to implement detailed rules for the central government's 828 New Deal on September 24, 2026. The new regulations require new real estate projects to achieve structural completion (topping out) and pass a five-party inspection before pre-sales are permitted. For existing home sales, the maximum deposit is capped at 1%. Land transfer payments now require a minimum 50% down payment, with the remaining balance due within two years interest-free. A transition mechanism applies to projects already in the pipeline, allowing those meeting conditions before the end of 2027 to apply for pre-sale permits under the old rules. Recent institutional research reports cited in the article suggest the policy is not a simple tightening but includes buffer mechanisms to reduce implementation shock. Analysts believe the higher pre-sale threshold will accelerate industry consolidation, but will have a smaller impact on financially stable developers like Binjiang Group and C&D Inc., potentially strengthening their delivery credibility. The reports also note that extended land payment timelines combined with a 'start construction upon land acquisition' policy significantly ease development capital pressure. The article concludes that Beijing's strong demonstration effect may lead other regions to follow, potentially boosting inventory clearance and land market recovery in core cities.
Beijing Implements New Real Estate Rules, Raising Pre-Sale Thresholds with Transitional Measures
According to a report from CFi.CN, Beijing released detailed implementation rules on September 24, 2026, following the central government's 828 policy framework. The new regulations require new real estate projects to complete main structure topping-out and pass a five-party inspection before pre-sale approval. For existing projects, a transitional arrangement allows those meeting conditions before the end of 2027 to apply for pre-sale under the old rules. The policy also sets a 1% cap on down payments for completed property sales and mandates a minimum 50% down payment on land transfers, with the remaining balance due interest-free within two years. Recent institutional research reports cited in the article suggest the policy is not a simple tightening but includes buffer mechanisms to reduce implementation shock. The reports argue that higher pre-sale thresholds will accelerate industry consolidation, but will have a smaller impact on financially stable developers like Binjiang Group and C&D Inc., potentially strengthening their delivery credibility. The reports also note that extended land payment timelines combined with a 'start construction upon land acquisition' policy could significantly ease development capital pressure. Analysts predict Beijing's strong demonstration effect may lead other regions to follow, potentially improving inventory clearance and land market recovery in core cities.
Beijing Issues Detailed Rules for Housing Sales Reform, Deposit Set at 1%
Beijing has become the first city in China to issue local implementation rules for the national reform of commercial housing sales systems, according to a document released on September 24. The rules, effective immediately, strengthen pre-sale management, promote off-plan sales, and introduce a lead bank system. A key provision sets the deposit for off-plan sales at no more than 1% of the total price, lower than the previously expected 5%, according to Yan Yuejin, deputy director of the Shanghai E-House Real Estate Research Institute. The policy applies to new land auctions after August 28, 2026, requiring pre-sale applications only after the main structure is topped out. Transitional arrangements are provided for existing projects. Yan noted that the reform increases the capital pressure for developers who have already acquired land but not yet started sales, potentially tripling the capital occupation period to about three years. However, new land buyers benefit from extended land payment terms of up to two years without interest.
Read sourceBeijing Issues First Detailed Rules for Commercial Housing Sales Reform, Caps Deposits at 1%
On September 24, the Beijing Municipal Commission of Housing and Urban-Rural Development and three other departments jointly issued implementation rules for the national commercial housing sales system reform, effective immediately. The rules, analyzed by I Love My Home Research Institute, raise presale conditions to require structural topping-out and acceptance records, implement full-process supervision of presale funds, and mandate that mortgage loans be disbursed only after project completion for new presale permits. For presale projects, the deposit is capped at 1% of the total price. The policy also allows land payments to be made in installments over two years with no interest, and prioritizes presale for new land sales. The institute notes the reform shifts the basis of housing transactions from 'credit presale' to 'asset presale', increasing buyer safety but potentially reducing short-term supply and raising prices.
Read sourceBeijing Issues Detailed Rules for Commercial Housing Sales Reform, Bringing Major Changes
Beijing has become the first city to issue detailed implementation rules following the August 28 policy (8.28 New Deal) from China's housing authorities, aiming to restructure the commercial housing sales system. The rules, effective from August 28, 2026, require new land parcels to achieve main structure topping-off before pre-sale permits, prioritize presale of completed homes, and enforce closed-loop fund supervision. A 'new-old demarcation' principle protects existing projects with transition periods until end of 2027. Key changes include a 1% cap on presale deposits, mortgage loan disbursement delayed until project completion and filing, and land payment installments over two years without interest. Analysts from Centaline Property and Shanghai E-House Real Estate Research Institute note the policy will fundamentally alter developers' high-turnover model, extend capital recovery cycles to about three years, and reduce buyer risks of unfinished or substandard housing. The reform is seen as a systemic shift toward risk-sharing, fund closure, and delivery-first development, promoting long-term market risk clearance and a transition to a new real estate model.
Read sourceBeijing Issues First Local Rules for Presale Reform, Caps Deposits at 1%
Beijing has become the first Chinese city to issue detailed implementation rules for the national commodity housing sales system reform announced on August 28, 2024. The new rules, effective from September 24, 2024, introduce a phased transition: from August 28, 2026, new residential projects must achieve structural completion before presale permits are granted, and personal mortgage loans will only be disbursed after project completion. For projects already in the pipeline, a two-year transition period is provided. Land payment terms are eased, allowing a 50% down payment with the remainder due within two years interest-free. The rules also cap presale deposits at 1% of the total price. Analysts from E-House, Zhongzhi, and Guangdong Provincial Urban-Rural Planning Institute note that the policy balances reform with market stability, but will significantly extend developer cash flow cycles from roughly one year to three years, increasing financial pressure. The rules are expected to serve as a template for other cities.
Read sourceBeijing Releases Detailed Rules for Home Sales, Allowing Two-Year Land Payment Period
On September 24, 2024, Beijing became the first city to issue detailed implementation rules following China's August 28 housing policy reform. The rules, jointly released by four municipal authorities, clarify key aspects of the new policy including预售 (pre-sale) management, 现房 (completed home) sales, fund supervision, housing credit, land supply, and market order. For new land auctions after August 28, projects must prioritize completed home sales, and pre-sale permits require the main structure to be topped out. A transition period until the end of 2027 is set for projects already in the pipeline. Notably, land premiums can now be paid in installments over two years without interest, easing developer cash flow. Personal mortgage loans for new projects will only be disbursed after project completion and filing. Analysts from E-House, Guangdong Housing Policy Research Center, and China Index Academy commented that the rules provide a replicable template for other cities, balance new and old projects, and strengthen fund supervision to protect homebuyers while allowing developers reasonable fund use.
Read sourceBeijing issues first local rules for new home sales, capping deposits at 1%
Beijing has become the first Chinese city to issue detailed implementation rules for the national policy on reforming commercial housing sales, moving toward a presale-to-completion model. The rules, effective from August 28, 2026, require new residential projects to achieve structural topping-out before presales can begin, and personal mortgage loans will only be disbursed after project completion. Existing projects have a transition period until 2027. Land premiums can now be paid in installments over two years without interest. Homebuyer deposits are capped at 1% of the total price. Analysts from E-House, Zhongzhi, and Guangdong Urban-Rural Planning Institute note the policy balances reform with market stability, but warn it will triple capital occupation periods for developers, significantly increasing cash flow pressure. The rules are expected to serve as a template for other cities.
Read sourceBeijing issues first local rules for presale reform, capping home deposits at 1%
Beijing has become the first Chinese city to issue detailed implementation rules following the national '8·28' policy on reforming commercial housing sales. The rules, jointly released by four municipal authorities on September 24, introduce a 'new-old demarcation' approach: from August 28, 2026, new land parcels will require buildings to be structurally topped out before presale permits, and personal mortgage loans will only be disbursed after project completion. Existing projects with land but no planning permits get a transition period until end-2027. Land premiums can now be paid in installments over two years with no interest. A key consumer protection measure caps presale deposits at 1% of the total price. Analysts from Guangdong Provincial Urban Planning Institute and China Index Academy say the rules balance policy shock with transition needs, providing a template for other cities. The policy is expected to extend developers' cash flow recovery cycles from about one year to roughly three years, significantly increasing capital pressure.
Read sourceBeijing strengthens presale management and prioritizes spot sales for new housing projects
On September 24, the Beijing Municipal Commission of Housing and Urban-Rural Development, along with three other departments, issued an implementation opinion to strengthen the regulation of commercial housing sales. The policy, effective immediately, covers six areas: presale management, spot sales, a main bank system, credit management, land supply, and market order. Starting August 28, 2026, new commercial housing projects must complete structural topping-out before applying for presale permits, and presale funds will be fully and strictly supervised until project joint acceptance. Additionally, from that date, new projects will prioritize spot sales, requiring developers to file a spot sales plan with local housing authorities after initial property registration, ensuring no mortgages or liens on the property. The policy aims to enhance oversight and protect buyers.
Read sourceBeijing mandates capped pre-sales, prioritizes existing home sales from September 2026
On September 24, 2026, four Beijing municipal departments jointly issued an implementation opinion to reform the city's commercial housing sales system, effective immediately. The policy, aligned with national directives, introduces six key measures. First, for new projects (land auctions after August 28, 2026), pre-sale permits require the main structure to be topped out and a structural acceptance record. Pre-sale funds will be fully and continuously monitored until project completion. Transitional rules apply to projects at different stages. Second, new projects must prioritize existing home sales; developers can sign deposit contracts (max 1% of price) after obtaining a construction permit, with buyer cancellation rights if delivery is delayed. Third, a lead bank system is established for development loans, requiring all project funds to be managed in accounts at the lead bank. Fourth, personal mortgage loans for pre-sale projects can only be disbursed after project completion and must be paid into the pre-sale supervision account. Fifth, land supply is optimized with support for 'ready-to-build' schemes and extended land premium payment terms (50% down payment within 30 days, balance within two years, interest-free). Sixth, market order will be strictly regulated, including a project company system and quality assurance from design to delivery.
Read sourceBeijing to Require Completed Building Structures for Pre-Sale Permits, Prioritizes Spot Sales
On September 24, the Beijing Municipal Commission of Housing and Urban-Rural Development, along with three other municipal agencies, jointly issued an implementation opinion on improving the commercial housing sales system. Effective September 24, 2026, the new rules mandate that for commercial housing projects whose land use rights auction notices are published after August 28, 2026, developers applying for pre-sale permits must have the main structure of the single building completed (topped out). They must also submit a signed acceptance record for the main structure sub-project from the construction, survey, design, construction, and supervision units. Additionally, pre-sale funds will be subject to full and whole-process supervision, which will only be lifted after the project passes joint acceptance. The policy also stipulates that starting August 28, 2026, new projects should prioritize spot (completed) sales over pre-sales.
Read sourceBeijing mandates capped pre-sales for new housing projects, prioritizes spot sales from August 2026
The Beijing Municipal Commission of Housing and Urban-Rural Development, along with three other departments, issued an implementation opinion on September 24, 2026, to reform the city's commercial housing sales system. Effective August 28, 2026, newly auctioned land parcels for commodity housing must achieve structural topping-out before applying for pre-sale permits, with full and process-wide supervision of pre-sale funds. The policy prioritizes spot (completed) housing sales for new land projects. For projects already in the pipeline, transitional rules apply, including stricter fund supervision and a deadline of end-2027 for old pre-sale conditions. The policy also introduces a lead bank system for development loans, delays personal mortgage disbursement until after project completion and filing, and encourages development loans for spot-sale and 'good housing' projects. Land supply will be optimized around rail transit, with flexible payment terms for land premiums. The measures aim to stabilize the real estate market, protect buyer interests, and promote a new development model.
Read sourceBeijing mandates capped pre-sales, prioritizes existing home sales from September 2026
Beijing's municipal authorities, including the Housing and Urban-Rural Development Commission, have jointly issued an implementation opinion to reform the commercial housing sales system, effective September 24, 2026. The policy, aligned with national directives, introduces six key measures. First, for new projects (land auctions after August 28, 2026), pre-sale permits require the building structure to be topped out and a signed acceptance record. Pre-sale funds will be fully and continuously supervised until project joint acceptance. Transitional rules apply to projects at different stages. Second, new projects must prioritize selling completed (existing) homes. Developers can sign deposit contracts (max 1% of price) after obtaining a construction permit, with buyer cancellation rights if delivery is delayed. Third, a lead bank system is established for development loans, requiring all project funds to be managed in accounts at the lead bank. Fourth, personal housing loans (including provident fund loans) for new pre-sale projects can only be disbursed after project completion, via entrusted payment to the supervision account. Development loan support is increased for existing home and 'good house' projects. Fifth, land supply is optimized with support for planned plot sales and 'start construction upon land acquisition', and land premiums can be paid in installments over two years. Sixth, market order will be strictly regulated, including a project company system and quality assurance systems.
Read sourceBeijing to Strengthen Pre-Sale Management and Advance Property Sales from 2026
On September 24, the Beijing Municipal Commission of Housing and Urban-Rural Development, along with three other municipal departments, jointly issued an implementation opinion on improving the commercial housing sales system. The new rules, effective September 24, 2026, apply to commercial housing projects whose land use rights auction announcements are published after August 28, 2026. Key measures include requiring that for pre-sale applications, the main structure of a single building must be completed and sealed, accompanied by signed acceptance records from the project's construction, survey, design, construction, and supervision units. Additionally, pre-sale funds for new projects will be subject to full and whole-process supervision, with the fund supervision only being lifted after the project passes a joint acceptance inspection. The policy aims to strengthen pre-sale management and promote the orderly advancement of property sales in Beijing.