Implementation rules for reforming the commercial housing sales system in first-tier cities have been fully rolled out, and the property markets in many places are steadily recovering.

On August 28, the Ministry of Housing and Urban-Rural Development, the Ministry of Natural Resources, and the National Financial Regulatory Administration jointly issued the Notice on Improving the Commodity Housing Sales System, directing localities to vigorously and in an orderly manner promote the sale of completed commodity housing, achieve "what you see is what you get," reduce disputes over commodity housing delivery, fundamentally prevent delivery risks, safeguard the legitimate rights and interests of homebuyers, and accelerate the construction of a new model for real estate development. After the Notice took effect, Beijing, Shanghai, and Guangzhou successively issued supporting implementation opinions on September 24, September 28, and September 30. From the perspective of market performance, after the detailed rules took effect, the market steadily recovered. Industry insiders pointed out that rules such as pre-sale after topping out, loan disbursement upon completion, and full-process closed-loop supervision of funds have shifted the financing logic of real estate enterprises from subject credit orientation to project cash flow orientation, and upgraded delivery guarantees from corporate promises to institutional constraints, resolving homebuyers' delivery concerns at the institutional level. During this year's National Day holiday, according to online signing data monitored by the China Index Academy, from October 1 to 7, new residential transactions in 25 key cities totaled 551,000 square meters, with average daily transactions up 33.8% year-on-year compared with last year's National Day holiday.