Tianjin to Require Topped-Out Structures for Pre-Sold Housing From Aug 2026

This is a meaningful tightening of China's pre-sale model, shifting risk from homebuyers toward developers by tying sales eligibility to physical construction progress rather than paper milestones. Combined with full-process escrow and release only after completion acceptance and verified utility delivery, it squeezes the cash-flow model that many developers rely on for working capital, favouring better-capitalised players and slowing launches. The open question is whether other cities follow Tianjin's template and how the requirement interacts with developer financing conditions.