CX Daily: China Shifts Toward Completed Home Sales to Curb Risks
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In Depth: China shifts toward completed home sales to curb risks
China is steering away from a housing presale system that has been in place for more than three decades to one that encourages the sale of completed homes, as part of the country’s efforts to arrest the protracted real estate slump.
The shift is expected to address some long-standing issues existing in the presale model, such as misappropriating presale funds that were supposed to be spent on the construction of homes, but were often used to buy more land due to lax supervision, according to market insiders Caixin spoke to.
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