China pushes for reform in real estate sales system

BEIJING, Aug. 23 (Xinhua) -- China is advancing reforms in its real estate sector by promoting the sale of properties upon completion, signaling a shift from the traditional pre-sale model, according to the housing authority on Friday.

This new approach is being implemented for some new real estate development projects, with land transfers requiring properties to be sold only upon completion, said Dong Jianguo, vice minister of housing and urban-rural development.

Several regions across China have already launched projects using this new sales model, Dong said at a press conference.

Experts said the measure, which is part of broader efforts to stabilize the housing market, is expected to mitigate risks associated with unfinished projects.