China is accelerating a shift from presales of unfinished homes toward completed-home sales through a coordinated August 28 policy package. Newly transferred residential land and projects without construction planning permits must prioritize completed-home sales, while new presale projects generally must reach structural topping-out before sales begin. Buyer payments, including down payments and mortgage loans, must be deposited in supervised accounts and released only after completion acceptance and delivery conditions for utilities are met. The People’s Bank of China and National Financial Regulatory Administration also extended the maximum personal housing-loan term from 30 to 40 years, introduced repayment flexibility for borrowers facing temporary income loss, and set monthly mortgage and total-debt payment-to-income limits of 50% and 60%, respectively. Development loans will use a lead-bank system and run for up to five years for presale projects and seven years for completed-home projects. The measures broaden financing options for developers while tying lending more closely to construction progress and increasing protections for homebuyers.