Completed home sales in China have reached 35.4% of total property sales as of the first nine months of 2025, up from 30.84% in 2024, signaling a fundamental shift in the market. Policy initiatives from cities like Shenzhen, Henan, and Hubei, alongside national guidelines, are accelerating the move away from pre-sale models to enhance consumer protection and reduce unfinished project risks. Developers face increased capital pressure and longer cash cycles, necessitating financial innovation and business model adjustments to adapt to the completed home sales trend. The transition is expected to reshape industry dynamics, promoting higher-quality housing and market stability, with implications for investors and corporate strategies. Future growth under China’s ’15th Five-Year Plan’ will likely see wider adoption, requiring careful balancing of supply, demand, and regulatory support. A quiet revolution is sweeping across China’s real estate landscape, one that promises to transform how homes are bought and sold. The share of completed home sales has surged to 35.4% of total property sales in the first nine months of 2025, up from 30.84% in 2024, according to the National Bureau of Statistics. This marks a dramatic rise from just 10% in 2019, as tracked by CRIC. For years, Chinese homebuyers navigated a ‘blind box’ approach—purchasing properties based on blueprints and promises, often facing delays or defaults. Now, the push for completed home sales is gaining momentum, driven by policy shifts aimed at curbing risks and fostering a healthier market. This trend reflects broader efforts under China’s real estate development new model, with implications for developers, investors, and the global economy. As the completed home sales model evolves, it could redefine investment strategies and market stability in the world’s second-largest economy.
Completed Home Sales Surpass 35% in China: Ending the ‘Blind Box’ Era of Property Buying
