China Shifts Property Market to Completed Homes in Broad Policy Overhaul

China ordered local governments on Friday to prioritise sales of completed homes over presales, overhauling the housing model to halt a property downturn that has dragged on domestic consumer spending.

The joint directive from the housing ministry, the natural resources ministry and the National Financial Regulatory Administration targets newly transferred residential land alongside parcels sold without construction planning permits.

Rules on land and developer financing

Projects on newly transferred plots must adopt the finished-home sales…