Pre-sale of commercial housing refers to the behavior that the developer signs a sales contract with the buyer and collects part of the purchase price when the house is not completely completed and meets the delivery conditions. The system is universal in the world and has been developing and evolving. The sales system of commercial housing is an important part of the real estate industry cycle. It is necessary to systematically summarize relevant international practices and learn from them to promote the virtuous cycle and healthy development of the real estate industry. 1、 The pre-sale system of commercial housing is widespread in the world and continues to evolve. Housing is a large commodity with high construction cost and long production cycle. Developers generally need to invest a large amount of funds and bear the financing cost in the construction process. Once completed, the unsalable housing will face great losses. The pre-sale of commercial housing can effectively avoid the development risk, so it has become an international common practice. Many countries (regions) have pre-sale system, which is the main form of commercial housing sales. In the United States, both apartments and single-family houses have a high proportion of pre-sale. From 1999 to 2021, the proportion of pre-sale housing in the United States fell from 75.7% to 55.2% in 2011, and then rose to 75.2% in 2021, mainly due to the decline of housing prices during the financial crisis, which weakened the attractiveness of pre-sale housing to buyers (see the figure below). In 2001, the pre-sale proportion of newly-built housing in Hong Kong reached 86%, while that in Taipei, Taiwan, was 60%. Commercial apartments and flats in Singapore can be pre-sale, with the pre-sale proportion reaching about 90%. Pre-sale of new commercial housing in Russia is also relatively common, with 147000 pre-sale agreements nationwide in the first quarter of 2018. In the UK, pre-sale houses are called off-plan homes. Investors pay a deposit to buy houses in the construction or planning stage and pay the balance after completion. The Ministry of Land and Oceans of the Republic of Korea promulgated the Regulations on Housing Supply in 1978, which stipulated the pre-sale system of housing in Articles 7 and 26. With the continuous changes of the real estate market, the pre-sale system of commercial housing is also evolving. Hong Kong is a typical example. In the 1950s, Hong Kong's population maintained an average annual growth rate of more than 4.6%, and the housing problem was prominent. Huo Yingdong, a Hong Kong businessman, pioneered the method of "layered sale of buildings+pre-sale of buildings+sales instructions", breaking the old practice of "whole building sale, full payment" in traditional real estate transactions. This innovation has greatly lowered the threshold for low-income people to buy houses and promoted the rapid development of the real estate market. However, since then, the imperfection of the pre-sale system has also exposed a series of problems. In 1960, the Fugui Building in Tai Kok Tsui was shut down due to cost overrun and became the first "uncompleted residential building". In the 1990s, the real estate prices in Hong Kong soared, and the main reason was the speculation of "real estate". In 2004, the uncompleted residential building incident occurred in two buildings of Junlai Group in Hong Kong. The main reason was that the senior management of the company embezzled regulatory funds by forging payment certificates. Over the past few decades, the Hong Kong government has repeatedly "patched" the pre-sale system, but also appropriately relaxed the pre-sale conditions to stimulate the market during the downturn of the real estate market such as the financial crisis (see Table 1). There are market demands for pre-sale and pre-sale, and there are no absolute advantages and disadvantages. There is a risk of failing to deliver the house on time or "wrong version" of the house, so