[The sales model of existing houses has changed the logic of land auctions, and investment decisions of real estate companies have become more refined] September 14th. Recently, the Ministry of Housing and Urban-Rural Development and other three departments jointly issued a new policy to orderly implement the existing home sales policy of commercial housing. Priority will be given to the sales of existing houses for newly transferred land plots, and the main structure of pre-sale projects must be capped. Since the implementation of the New Deal, key cities such as Beijing, Shanghai, Shenzhen, Guangzhou, and Xi'an have successively completed their first rounds of land auctions. The land auction market has shown the characteristics of intensified differentiation and logical restructuring. Industry experts interviewed believe that the New Deal has changed the judgment criteria for real estate companies to acquire land - location, supporting facilities, floor area ratio, and product adaptability have become important variables that determine the success or failure of a project. Real estate companies are shifting from "calculating turnover and scale" in the era of high turnover to "calculating units and products" when acquiring land. At present, the detailed policies and rules for the sales of existing homes in various places are still being studied and formulated, and it is expected that some cities will introduce detailed rules in the next month or two. From the market side, the enterprise side to the policy side, the impact of the New Deal on the land market is gradually unfolding. (Securities Times)