[Shanghai: Commercial housing projects with newly announced land transfers will give priority to the sale of existing houses from August 28th] On September 28th, 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 Implementing the "Notice on Improving the Commercial Housing Sales System"", which will be effective from September 28, 2026. 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" clearly implement the cash deposit system. Real estate development companies can sign a deposit contract with home buyers after obtaining a construction license. The deposit generally does not exceed 3% of the total purchase price. If the real estate development enterprise defaults on the contract and fails to deliver the house on time, the home buyer has the right to terminate the deposit contract in accordance with the contract, and the real estate development enterprise will return the deposit in accordance with the law and bear the liability for breach of contract.