More than 20 Chinese cities implement existing-home sales system as housing sales reform accelerates

China is accelerating commodity housing sales system reform, with over 20 cities including Beijing, Shanghai, Guangzhou and Shenzhen issuing implementation rules as of November 5. Hubei Jingmen requires new land-supply residential projects after August 28 to sell existing homes in principle, with land price down payment no less than 50% and balance payable within two years. The reform also introduces project company and host bank systems to reshape development, financing and sales.