中国央行及住建部于8月27日至28日发布房地产新政文件，核心内容为推动预售制转向成屋销售，新出让土地优先采取成屋销售模式1。碧桂园董事会主席杨惠妍表示，过去资金快速周转、高杠杆的经营做法不再适用，行业逻辑被改写，短期阵痛难免1。集团联席总裁莫斌将此称为房地产业第三次革命，继1998年取消福利分房、2002年土地招拍挂制度之后的又一重大转变1。
作为房企龙头的碧桂园自身面临严峻挑战。其上半年总收入约人民币440.8亿元，同比下降39.3%1。截至6月底，碧桂园总资产7455亿元，净资产310亿元，资产负债率升至80.3%，借贷总额1427亿元，其中824亿元存在违约或交叉违约1。
China's central bank and housing ministry released a sweeping real estate reform package in late August, marking a fundamental shift in how the sector operates.1 The core policy change aims to transition the industry from a pre-sale model to completed-property sales, with newly auctioned land parcels prioritized for completed-property transactions.1
Country Garden, one of China's largest developers, acknowledged the dramatic restructuring required by these new rules. The company's board chairman Yang Huiyan stated that the rapid capital turnover and high-leverage financing methods that previously drove the industry no longer apply, and that short-term pain is unavoidable as the sector adapts to the new operating logic.1 Country Garden's co-president Mo Bin characterized this as the third major revolution in real estate, following the 1998 elimination of welfare housing and the 2002 introduction of land auction systems, now culminating in mandatory completed-property sales by 2026.1
The policy shift comes as Country Garden itself faces severe financial pressures. The company reported first-half revenue of approximately 44.08 billion yuan, representing a 39.3% year-over-year decline.1 As of the end of June, Country Garden's asset-liability ratio had risen to 80.3%, with total assets of 745.5 billion yuan against net assets of 31 billion yuan.1 The developer's debt situation is particularly acute, with total borrowings of 142.7 billion yuan, of which 82.4 billion yuan is in default or cross-default status.1
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