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On February 5th, Chinese developers successfully delivered approximately 7.5 million pre-sold homes that had previously faced delivery delays since a new supportive policy was introduced in mid-2022. This achievement has helped restore confidence in the struggling real estate market.
According to data from the Ministry of Housing and Urban-Rural Development, between August 2022 and December 2025, 7.5 million presold homes were handed over to buyers. The government launched a program in August 2022 to facilitate property delivery, encouraging banks to offer special loans to projects that have been approved and listed on a government whitelist. This initiative aimed to assist builders in completing overdue projects and protect buyers’ rights.
In China, most new homes are sold via presales, where buyers make an initial deposit during the early stages of construction. This system allows developers to quickly raise funds for building projects. However, some builders divert these funds for other purposes, such as developing different projects, which can lead to unfinished homes and social conflicts.
Data shows that of the 3.96 million units on the government’s whitelist, 3.91 million had been delivered by the end of last November. Since the program’s inception, banks have approved over CNY7 trillion ($1 trillion) in loans for these projects, providing substantial financial backing for their timely completion.
The progress of the delivery program has also resulted in fewer construction pauses across ongoing projects in the past two years, according to Yan Yuejin, deputy director of the E-House China Research Institute. Additionally, there has been an increase in projects delivered on schedule and to high standards, further safeguarding homebuyers’ interests.
Yan noted that one of the major risks plaguing the property sector in recent years was the failure of developers to deliver homes on time. He added that the nearing completion of this delivery program signifies significant progress in reducing property sector risks and shows an accelerated clearing of issues and construction backlogs.
Several executives from prominent Chinese property firms shared with Yicai that their whitelisted projects mostly achieved delivery goals last year, easing sector-wide delivery pressures. An insider from a private developer in East China, which once reported annual sales of CNY150 billion ($21 billion), explained that ensuring housing delivery has been their top priority over the past four years. With only a few thousand units remaining, they consider the toughest period to be behind them.
Another leading private developer executive also mentioned that their company has largely completed its delivery commitments. Due to minimal new land acquisitions in recent years, the number of active projects has decreased considerably. With most deliveries completed, they see 2023 as a fresh start for the company.
As signs of housing prices reaching a bottom become more evident, some cities—particularly first-tier cities—are beginning to show signs of market stabilization. This positive trend is laying a solid foundation for the property market to regain momentum and helping rebuild confidence across the sector, Yan concluded.
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