[Shanghai: Strengthen real estate and land linkage, strengthen market research and judgment, and adhere to "one place, one policy" for stable and orderly supply] 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" clearly implement the integrated mechanism of "planning, storage, supply and use", strengthen the linkage of real estate and land, strengthen market research and judgment, and adhere to "one place, one policy" for stable and orderly supply. The "Implementation Opinions" clarify that land prices are allowed to be paid in installments. For commercial residential land with a transfer announcement issued after August 28, 2026, the transfer price can be paid in installments in accordance with national regulations. The down payment must be paid within 30 calendar days from the date of signing of the transfer contract, and the payment ratio shall not be less than 50% of the total price. The balance can be extended to be paid within one year after the signing of the transfer contract; to adapt to market and project needs, it can be extended for another year after decisions are made in accordance with prescribed procedures; if payment is made in installments, no interest will be included.