China scraps pre-sale model, mandates mortgages only for completed homes

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China's central bank and financial regulator have introduced new guidelines targeting the country's troubled property sector. The measures are designed to reduce developers' heavy dependence on presale funds, which have contributed to project delivery failures. Under the new rules, mortgages will only be granted once housing projects are fully built and completed. Local governments have been directed to encourage the sale of finished homes to minimise delivery risks for buyers. Financial institutions will also take on a larger role in funding and overseeing property development projects.

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