China's central bank and the National Financial Regulatory Administration (NFRA) jointly issued new real estate credit management rules, extending the maximum term for individual housing loans from 30 to 40 years and systematically reforming the credit system across the entire chain of development, purchase, and operation. On the same day, the Ministry of Housing and Urban-Rural Development, the Ministry of Natural Resources, and the NFRA issued a document promoting the orderly implementation of "ready-built" commercial housing sales, aiming to achieve "delivery of property and immediate issuance of certificates." The China Securities Regulatory Commission (CSRC) also issued a document supporting refinancing, mergers, and acquisitions for listed real estate development enterprises.