[Shanghai issues local implementation opinions on the reform of the commercial housing sales system: Strengthen pre-sale management and orderly implement existing home sales] On September 28, four departments including the Shanghai Municipal Housing and Urban-Rural Development Management Committee, the Municipal Housing Administration Bureau, the Municipal Planning Resources Bureau, and the Shanghai Financial Supervision Bureau jointly issued the "Implementation Opinions on the Implementation of the "Notice on Improving the Commercial Housing Sales System"", which will be effective from September 28, 2026. The "Implementation Opinions" mainly include policy measures in six aspects, including strengthening pre-sale management, implementing existing home sales, promoting the host bank system, increasing financing support, optimizing land supply management, and improving quality supervision and market order. Standardize pre-sale conditions and improve pre-sale management. The "Implementation Opinions" clarify that for commercial housing projects with new transfer announcements issued after August 28, 2026, and applying for pre-sale, the main structure of the single building must be capped. The pre-sale funds of the project shall be supervised in full and throughout the whole process; the fund supervision shall be released only after the comprehensive completion and acceptance of the project. The "Implementation Opinions" stipulate that starting from August 28, 2026, commercial housing projects that newly announce the transfer of land will give priority to existing house sales; projects that implement existing house sales will disclose relevant information about existing house sales to the public in the land transfer announcement. After obtaining the first registration of a house, a real estate development enterprise shall apply for existing house sales record to the housing management department of the district where the project is located. The "Implementation Opinions" clarify that the first is to standardize the issuance of personal mortgage loans. For projects that have obtained pre-sale licenses from August 28, 2026, personal housing mortgage loans (including provident fund loans) can be issued only after completion and filing. Loan funds should be paid to the capital supervision account through entrusted payment methods. The second is to increase support for development loans, and for projects that implement existing home sales and pre-sales, meet the reasonable financing needs of the projects in accordance with market-oriented principles, and ensure that the issuance of development loans matches the project construction cycle. Increase support for development loans for existing home sales projects and “good house” projects. The third is to promote a virtuous cycle between finance and real estate, support qualified real estate development companies to carry out project-based financing through bonds, stocks, asset-backed securities and real estate investment trust funds, and meet the reasonable financing needs of real estate development companies of different ownerships without discrimination. (Shanghai Housing and Urban-Rural Development Management Committee)