Completed-Home Sales Reforms Expand as Commercial REITs and Existing-Asset Strategies Advance

This Week at a Glance

Policy | More than 20 cities introduce housing sales reform rules. Jingmen generally requires completed-home sales on newly sold residential land; Beijing's first post-reform residential site sells for RMB 2.936 billion.
Sales | Top-100 developers' attributable sales fall 11.1% year on year in January–October. Among 78 comparable firms, central state-owned developers' share rises to 53.8%, while private developers' sales fall 24.9%.
Land | October residential land transaction GFA across 300 cities rises 91.8% and proceeds increase 89.0% year on year, while the average premium is only 1.49%, with reserve-price deals still dominant.
Renewal | Shanghai K11 proposes about RMB 1 billion in land-premium and related tax payments for a 20-year extension, subject to a final land grant contract. Beijing Yizhuang's UNiONE plans to open in H2 2027.
Corporate | Vanke settles liabilities to Onewo using properties and parking spaces valued at about RMB 662 million. Seazen's commercial REIT fund contract takes effect, with net subscriptions of about RMB 1.553 billion.
Debt | RiseSun proposes cash and equity in a Czech project to restructure offshore bond principal equivalent to about RMB 3 billion plus RMB 299 million of interest, subject to bondholder acceptance.
Hong Kong | October residential sale registrations total 4,512, down 5.2% month on month. Ricacorp separately records 1,383 first-hand private housing registrations; forecasts still require confirmation in transaction data.

01 Policy & Urban Renewal

More than 20 cities adopt housing sales reform rules, with Jingmen generally requiring completed-home sales on newly sold land

China News Service reported on 5 November that Jingmen, Hubei, introduced new housing sales rules that day. Residential projects on land newly sold after 28 August will generally use completed-home sales. For such projects, the initial land payment must be at least 50%, with the balance payable within up to two years. A lead-bank system will also apply.

According to China Index Academy monitoring, more than 20 cities, including Beijing, Shanghai, Guangzhou, Shenzhen, Wuhan and Hangzhou, had issued implementation rules by 5 November. Nanchang, Mianyang and Luzhou were among cities consulting on proposals. Most use 28 August as the cut-off between old and new arrangements, and require individual buildings to be structurally topped out before presales.

Beijing's first post-reform residential site sells for RMB 2.936 billion, prioritising completed-home sales and raised-platform design

On 3 November, a consortium of Zhongjian Zhidi and Future Science City acquired the Xiejiazhuang Village site in Beiqijia Town, Changping District, at its RMB 2.936 billion reserve price. The site covers approximately 8.89 hectares, with planned above-ground GFA of about 100,900 sqm. It is Beijing's first residential land sale following the 28 August housing sales reforms.

The sale terms prioritise completed-home sales and permit raised-platform design to integrate above- and below-ground space. Land supply, design and housing quality are becoming more closely linked. Completed-home sales require developers to fund construction through equity and project finance, making product quality central to investment decisions.

Nanjing refines housing sales rules, piloting sales of completed homes with existing mortgages and earlier planning reviews

Nanjing's housing authority and other departments issued trial implementation rules covering nine areas, including presale management, completed-home sales, project companies and lead banks. Eligible projects may apply to sell homes while existing land or construction mortgages remain in place, subject to agreement among the developer, original mortgage bank and purchaser.

Purchase funds must be held in supervised accounts and used first to repay the original mortgage following transaction registration. Earlier planning reviews and faster construction approvals are also provided for. Reporting republished by the housing ministry on 3 November described the package as supporting both delivery safety and capital turnover.

02 Market

CRIC data released on 6 November put January–October 2026 attributable sales of the top 100 developers at RMB 1.79416 trillion, down 11.1% year on year. The decline narrowed by 0.3 percentage points from January–September. October sales totalled RMB 184.14 billion, down 8.3% year on year and broadly flat month on month, with no substantial seasonal uplift.

Among 78 firms appearing in both years' rankings, central state-owned developers' sales share rose from 47.9% to 53.8%, with their sales down just 1.9%. Private developers' share fell from 21.7% to 18.6%, and sales declined 24.9%. Only 21 of the 78 recorded year-on-year growth. Separately, China Index Academy put top-100 total contracted sales at RMB 2.53706 trillion in January–October, with six developers exceeding RMB 100 billion, one fewer than a year earlier.

Residential land transactions across 300 cities rise around 90% year on year, but the average premium falls to 1.49%

China Index Academy data show October residential land transactions across 300 cities covering approximately 108 million sqm of planned GFA, up 91.8% year on year, with proceeds of RMB 375.6 billion, up 89.0%. Much of the increase reflects carry-over from faster land supply in September. Third- and fourth-tier cities accounted for 86% of transacted GFA and 73% of proceeds.

The average premium was just 1.49%, down 5.29 percentage points from September and a multi-year monthly low, with reserve-price transactions still dominant. January–October totals were 340 million sqm, down 4.4% year on year, and RMB 1.43 trillion, down 6.4%. Eight major cities, including Beijing, Shanghai, Guangzhou and Shenzhen, are scheduled to offer 116 residential or mixed residential sites in November, with aggregate starting prices exceeding RMB 76.8 billion.

03 Projects

Shanghai K11 proposes about RMB 1 billion in payments for a 20-year land-use extension, with implications for its REIT valuation

Shanghai Hong Kong New World Tower, the mixed-use complex containing K11 Art Mall, has disclosed a proposed 20-year land-use extension. The provisional land premium and related taxes total approximately RMB 1 billion. The proposed expiry moves from December 2044 to December 2064, increasing remaining tenure from 18.67 to 38.67 years. A district-level preliminary review has indicated initial agreement, but the final position remains subject to a signed land grant contract.

The property is also the subject of a public REIT application. The GF New World closed-end commercial real estate fund was accepted by the Shanghai Stock Exchange on 19 September, with proposed proceeds of RMB 3.818 billion. Filing materials show book value of RMB 2.168 billion, a post-extension appraised value of RMB 4.568 billion and an appraisal uplift of 110.69%.

Yizhuang retail renewal project unveils the UNiONE name, with an opening planned for H2 2027

Beijing's Economic-Technological Development Area has announced UNiONE as the new name for the redevelopment of the former Yizhuang Creative Life Plaza. Positioned as a multi-level park-style commercial complex combining industry, retail, culture and tourism, it is scheduled to open in the second half of 2027. One of the area's earliest commercial complexes, the property previously hosted Beijing's second Sam's Club and the area's first cinema and Starbucks. Its renewal is designated a priority project for reusing existing space.

The developer, Beijing Economic-Technological Investment & Development, plans to reorganise the tenant mix around youth sports and socialising, technology and aesthetic experiences, and founder-led brand incubation, while expanding evening activities.

04 Corporate

Vanke settles liabilities to Onewo with approximately RMB 662 million of properties and parking spaces across 191 assets

Onewo announced on 2 November that several subsidiaries had entered into debt settlement agreements with sellers and debtors controlled by Vanke. Properties and parking spaces will be transferred to settle outstanding payables, for total consideration of approximately RMB 662 million. About RMB 659 million offsets receivables, with Onewo paying an additional RMB 2.2517 million in cash.

The settlement covers 191 assets, including homes, sales offices, parking spaces and shops in Foshan, Changsha, Shijiazhuang, Qingdao, Jinan, Zhengzhou and other cities. Onewo said the arrangement reduces uncertainty over receivables recovery and helps maintain asset liquidity. As Vanke is its controlling shareholder, the transaction constitutes a connected transaction.

Seazen's commercial REIT fund contract takes effect, with net subscriptions of approximately RMB 1.553 billion

Seazen Holdings announced on the evening of 3 November that the fund contract had become effective for the GF Seazen Wuyue closed-end commercial real estate fund. Verification by Deloitte Touche Tohmatsu Certified Public Accountants recorded 500 million validly subscribed units and net subscriptions of approximately RMB 1.553 billion. The underlying assets are Wuyue Plaza commercial properties.

This marks progress in using a public REIT to recycle capital from owned commercial assets. Such products can connect investment, financing, management and exit, but long-term performance depends on operating stability and rents.

RiseSun proposes cash and Czech project equity to restructure offshore bond principal equivalent to approximately RMB 3 billion

RiseSun Real Estate announced a debt restructuring proposal on 2 November. Through an exchange offer, it proposes to repurchase and cancel part of its outstanding offshore bonds using cash and overseas property project equity, addressing US dollar bond principal equivalent to approximately RMB 3 billion, plus about RMB 299 million of related interest.

The proposed settlement asset is the entire equity interest in a property project company in South Moravia, Czech Republic, held by a subsidiary. As at the valuation date of 30 June 2026, total shareholder equity was appraised at approximately RMB 182 million. The company said the restructuring aims to reduce immediate repayment pressure and cash usage; implementation remains subject to offshore bondholder acceptance.

05 Overseas

Hong Kong records 4,512 residential sale registrations in October, down 5.2% month on month, as first-hand housing holds up relatively well

Hong Kong's Land Registry reported on 3 November that 5,795 sale and purchase agreements for all building units were submitted for registration in October, down 10.0% month on month and 19.4% year on year, with total value of HKD 50 billion. Residential agreements numbered 4,512, down 5.2% month on month and 21.0% year on year, with value of HKD 42.3 billion.

Ricacorp's research department noted that registrations mainly reflect market conditions from mid-September to early October, rather than fully capturing recent first-hand activity. Ricacorp's own count put October first-hand private housing registrations at 1,383, down just 4.6% month on month. The agency forecast that overall November registrations could rebound by around 20% to approximately 6,930.

Hong Kong Property forecasts double-digit full-year home price growth as property shares rise and leasing signals await confirmation

A homebuying intentions survey and market analysis released by Hong Kong Property in late October argued that population growth, rental demand and policy factors could support the housing market. It forecast double-digit full-year home price growth. This remains an agency assessment requiring confirmation in subsequent transaction data.

On 5 November, property shares rose: Sun Hung Kai Properties gained 4.93% to HKD 119.2, Henderson Land 3.98%, Hang Lung Properties 3.60% and Wharf Holdings 2.02%. Media reports also indicated that Huawei was in talks to lease two floors at Sun Hung Kai's ONE IGC in West Kowloon.