为应对自2021年以来持续低迷的房地产市场危机，中国金融监管机构于8月28日出台了一系列重磅金融改革政策。新规允许商业银行为资信良好的购房者提供长达40年的个人住房按揭贷款，同时允许银行向房地产企业发放期限最长达7年的开发贷款，以更好匹配实际施工建设周期。此外，监管部门还推出了允许开发商分期支付土地出让金的机制，以此缓解以往一次性拿地必须依赖高杠杆大额举债的沉重财务负担，旨在通过拉长债务久期来平滑购房家庭与房企的流动性压力。

然而，在放宽中长期信贷的同时，监管部门对传统的“商品房预售制”融资实施了严厉的收紧与规范。在以往的行业扩张期，恒大等大型房企广泛通过期房预售提前回笼资金，并违规将预售款挪用于激进扩张，导致危机爆发后留下大量烂尾楼，仅恒大自身交付积压就历时五年才得以清理，其创始人许家印也在上月被判处无期徒刑。为彻底杜绝预售资金链断裂的系统性风险，新规严格要求开发商在新项目中必须完成主体结构封顶后方可进行预售，且所有预售款项必须存入受监管的托管账户，直至房屋完全竣工交付后开发商才能支取资金。

这些改革举措在宏观上有助于重塑一个稳健低风险的房地产金融体系，但在微观层面将进一步加剧房企短期的流动性困境。在失去了无息且快速的预售资金滚动支持后，开发商启动新开发项目的门槛显著抬高，这将直接抑制新开工规模并对房企营收及上下游就业带来持续下行压力。尽管政策制定者希望淡化并走出这场房地产下行周期的影响，但面对经济可能在未来40年扩大三分之二而人口缩减四分之一的长期人口与经济结构转型，开发商仍将在严苛的去杠杆和项目现金流收缩中艰难求存。

To counteract a severe property market downturn that has persisted since 2021, Chinese financial regulators introduced sweeping structural financing reforms on August 28th. The new directives permit commercial banks to offer mortgages with maturities of up to 40 years to creditworthy homebuyers, while enabling developers to access construction loans of up to seven years to align debt repayment directly with building timelines. Furthermore, authorities introduced mechanisms allowing developers to pay for land acquisitions in installments rather than lumpy upfront outlays, thereby significantly mitigating their reliance on aggressive short-term borrowing and smoothing out credit obligations across the residential development supply chain.

Simultaneously, however, regulatory authorities dramatically curtailed developer reliance on pre-sales financing, a mechanism historically prone to severe abuse and structural defaults. During the boom era, aggressive developers like Evergrande routinely diverted pre-sale proceeds away from designated construction projects into speculative corporate ventures, ultimately causing widespread project halts that required five years to clear, and culminating in a life prison sentence for Evergrande founder Hui Ka Yan last month. Under the newly mandated restrictions, developers are strictly prohibited from marketing flats in new developments until structural framing is fully erected, with all proceeds sequestered in supervised escrow accounts inaccessible to builders until units are fully completed.

While these comprehensive rules aim to eliminate speculative hazards and construct a resilient, accident-prone market, they impose immediate operational headwinds on construction enterprises. The abrupt cessation of early pre-sale liquidity substantially raises capital hurdles for initiating new residential undertakings, directly depressing corporate revenue streams and construction employment. As long-term economic forecasters project that China’s output could expand by two-thirds even as its aggregate population contracts by a quarter over the next four decades, surviving developers face an arduous operational adjustment devoid of speculative leverage.

Source: China tries to look past the property slump

Subtitle: But its new policies could hurt construction and employment

Dateline: Sep 3rd 2026