China's top cities shift to completed-home sales as off-plan demand collapses

Major Chinese cities including Guangzhou, Shenzhen, Shanghai, Beijing, and Tianjin are piloting a rule requiring homes to be sold only after the main structure is completed, a shift from the traditional off-plan model. This follows a collapse in housing demand driven by developer bankruptcies and buyer fears of unfinished projects. The policy change signals a structural adjustment in China's property market, with implications for developer cash flows and broader economic growth.

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