中国人民银行、金融监管总局、住房建设部于1月27日至28日联合印发三份住房金融文件，推出预售屋新制度1。新制度通过建立资金监管账户、延迟房贷发放和增加违约保护等措施，旨在加强购房者的资金保障1。
具体而言，新制度实施三层保护机制：购房者支付的首期款全额存入监管账户，直至项目竣工后才可解除1；房屋贷款在项目竣工后方才发放给开发商1；定金及首期款享有明确的违约保护条款1。这一新框架改变了以往的运作模式——在旧制度下，开发商拿地后6至8个月即开盘销售，首期款和房贷迅速流入，但由于监管力度不足，资金常被开发商挪作他用，用于再次购地或扩张业务1。
在新制度下，预售房的融资功能实质上趋近于零1。开发商因此面临资金缺口，这部分资金需要通过银行项目贷款和自有资金来补充1。
China's central bank and financial regulators have rolled out a new framework governing pre-sale housing transactions designed to protect purchasers' money from developer misuse. The People's Bank of China, the Financial Regulatory Administration, and the Ministry of Housing and Urban-Rural Development released three housing finance documents on January 27 and 28, 2025, establishing stricter controls over how down payments and mortgage funds flow through the development process.1
The revised system implements three layers of protection for homebuyers. Down payments are now held entirely in supervised escrow accounts and remain locked until project completion, while mortgage disbursements to developers are delayed until the property is finished rather than released upfront as under previous arrangements.1 Additionally, deposit and down payment clauses now include explicit breach of contract protections.1 These measures represent a fundamental shift from the previous model, under which developers received down payments and mortgage funds quickly after opening pre-sales—typically six to eight months after acquiring land—with insufficient oversight allowing them to redirect buyer capital toward acquiring more land and expanding operations.1
Under the new structure, the financing function of pre-sale housing has been substantially eliminated, with developers now required to fill funding gaps through bank project loans and their own resources rather than relying on purchaser payments.1
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