On September 18, during a State Council Information Office press conference themed "A Strong Start to the 15th Five-Year Plan," Zhang Xuetao, Director of the Real Estate Market Regulation Department under the Ministry of Housing and Urban-Rural Development, highlighted two pivotal shifts currently shaping the property sector. He noted that the supply-demand dynamics in real estate have undergone significant transformation, and that the industry has now entered what he termed the "stock era."

Zhang pointed to concrete data illustrating this transition: the share of existing home transactions has climbed from 27% in 2020 to an anticipated 46% in 2025. Drawing on National Bureau of Statistics figures, he revealed that for the first eight months of this year, secondary market transactions already accounted for 52% of total deals—crossing the 50% threshold that officially signals the market has entered the stock era.

In response to this evolving landscape, the ministry is now prioritizing the implementation of three foundational institutional reforms, with a particular emphasis on advancing the system for selling completed homes (as opposed to off-plan properties). These measures are designed to align regulatory frameworks with the realities of a maturing market, ensuring stability and quality in housing supply as the sector adapts to its new phase.