[Shanghai: Increase development loan support and meet the reasonable financing needs of real estate development enterprises of different ownerships without discrimination] 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" 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.