〔Day Digest〕Joint Notices Reset Property to Ready-Built Sales, Mortgages to 40 Years as Fiscal Spend Trails at +1.3% Y/Y; SOE Budget Income Jumps 39.8% - Supply Reset vs. Funding Drag

0. Daily Arc

Two joint notices and a three-ministry sales rule re-anchored the property sector around ready-built delivery, longer mortgages, and a lead-bank credit model ^[1][2][3]. Yet the fiscal side is still dragging: H1 spending up only 1.3% Y/Y, the cumulative deficit at 1.9 trillion yuan versus 2.5 trillion a year ago, and the special-bond pace at 65.4% of plan, 9.1 percentage points behind 2025 ^[4]. The offset is the state-owned capital operating budget, up 39.8% Y/Y at 257.5 billion yuan, lifted by higher central SOE profit-remittance ratios ^[5]. Net: a supply-side reset against a still-tight funding backdrop, with foreign-capital flows tilting toward Belt-and-Road and border provinces ^[4][6][1][5].

1. Property Reset - Sales, Credit, Duration

• **[NEW] Three-ministry sales rule** (MOHURD, Ministry of Natural Resources, NFRA): ready-built sales pushed as the default; new land and pre-permit projects must default to ready-built, pre-permitted projects "encouraged" to switch; pre-sale capped at "single building must complete main structure topping-out" ^[1]. Pre-sale funds, mortgage proceeds and down payments all routed to escrow ^[1].
• **[NEW] Credit overhaul** (NFRA + PBOC, two notices): individual mortgage term extended from 30 to 40 years; pre-sale project loan tenor capped at 5 years, ready-built at 7 years; DTI cap 50% on mortgage, 60% on all debt service ^[2][3]. Lead-bank model: one project, one host bank, sole or syndicate credit ^[1][2].
• **[NEW] Developer bond thaw** (per 21财经): the five measures include new corporate-bond issuance for policy-aligned projects beyond pure rollovers, plus private placements and directional convertible bonds for listed developers ^[7]. CSRC reiterated support for developer financing in a separate headline ^[8]. Single-source on the "five measures" framing - treat as a marker, not a count ^[7].
• **[ONGOING] Land-fiscal reset window**: Liu Lin (researcher, NDRC Academy of Macroeconomic Research) notes Jan-Jul land-transfer revenue down 30.8% Y/Y, framing the sales-system reform as a now-or-never window because the land-fiscal drag is at a multi-year low ^[9]. First cross-region land transfer in Hunan ("Xiangtan Kua 001") closed on the Changsha platform, a symbolic breakthrough for the Chang-Zhu-Tan land market ^[10].
• **[NEW] Demand-side, single city**: Nanjing Housing Provident Fund Management Center will extend cross-region provident-fund lending nationwide from 2026-09-01 ^[11].

2. Fiscal Slowdown, SOE Budget Lift

• **[ONGOING] Slow fiscal pace**: H1 fiscal spend +1.3% Y/Y vs. revenue +5.8%; cumulative deficit 1.9 trillion yuan vs. 2.5 trillion a year ago ^[4]. Special-bond issuance at 65.4% of plan vs. 74.5% in 2025 ^[4]. Spending-side drags: energy and environment -11.9%, agriculture/forestry/water -6.8%, transport -2.5%, urban-rural community -2.9%; rigid items held up - health +9.8%, social security and employment roughly +7% (truncated in source) ^[4].
• **[ESCALATED] SOE operating budget**: +39.8% Y/Y at 257.5 billion yuan Jan-Jul; central +84.8% at 122.0 billion, local +14.6% at 135.5 billion; drivers are higher central-SOE profit-remittance ratios from late 2025 and matching provincial hikes ^[5]. Other three budgets: general public +5.8%, government fund -21.1%, social insurance +8.3%; the SOE line is now running well above the full-year official guide of -6.8% ^[5].
• **[NEW] MOF posture**: People's Daily carries a People's Bank-MOF line on using fiscal policy counter-cyclically; substance is headline-only, flag for follow-up ^[12].
• **[NEW] Tax, single line**: MOF proposes a 11%-13% banded rate for the local surtax ^[3].

3. External Flows - FDI, QDII, RMB Onshore

• **[NEW] H1 FDI formation**: 35,000 new foreign-invested enterprises, +7.0% Y/Y ^[6]. By source: Belt-and-Road +19.3%, Arab +20.6%, AU +42.8%; United States -10.7%, United Kingdom -21.4%, Japan -34.9% ^[6]. By region: Hainan +38.6%, Shandong +15.2%, Guangdong +8.1%, Jiangsu +6.8% (export provinces); Heilongjiang +79.5%, Inner Mongolia +29.1%, Guangxi +16.6%, Jilin +12.0% (border) ^[6]. By sector: health and social work +27.1%, wholesale/retail +11.9%, accommodation/catering +11.7% ^[6].
• **[NEW] QDII quotas**: securities and fund QDII quotas up 3.72 billion USD to 101.0 billion USD; 22 firms got +100 million USD, 10 got +80 million, 7 got +60 million; E Fund tops cumulative at 7.96 billion USD, followed by ChinaAMC 6.95 billion and Southern 6.16 billion ^[13].
• **[NEW] RMB asset opening**: Shanghai International Finance Center offshore RMB FX daily volume at 10.5 billion USD with 70+ participants; FTZ offshore bonds 18 issues at 7.4 billion yuan; GFCI 6th; 2025 Shanghai financial-market turnover above 4,000 trillion yuan ^[14]. Computing-power grid: national smart-compute total at 2.45 million PFLOPS (FP16) at end-July, with the eight national hubs and three compute-power coordination zones above 85% of the total ^[15].

4. Cross-Border Signal - Warsh Hawkish, Gold Drops, Oil Recalibration

• **[NEW] Fed Chair Warsh**: if policymakers cannot be confident inflation is returning "clearly and quickly enough" to 2%, the FOMC "has more work to do"; September hike odds "near 60%" per the same relay ^[2]. Single-source, flag for confirmation ^[2].
• **[NEW] Energy reset**: gasoline and diesel retail caps raised 375 and 360 yuan/tonne from 2026-08-28 24:00 ^[3]. Trump claims majority control of 65 billion+ barrels of Venezuelan oil reserves, framed as the largest oil deal in history ^[2][3].
• **[NEW] Asia FX**: India FX reserves at a record 729.33 billion USD; Japan spent a record 96.4 billion USD in the past month supporting the yen ^[3].

5. Source Quality Control

• Aggregator-only headlines with no underlying data: agricultural law revision ^[16], MOF fiscal-management pilot ^[17], PBoC's Lu Lei on agent payment ^[18], K-shaped divergence ^[19], Tianjin green transition ^[20], MOF on counter-cyclical fiscal posture ^[12], CSRC reiteration on developer financing ^[8], and the local surtax band ^[3] - cite as topic, not as data.
• Single-source relayer posts: Warsh remarks and 60% hike odds ^[2], the developer "five measures" framing ^[7], the Nanjing provident-fund rule ^[11], the Hunan land-transfer breakthrough ^[10]. Treat as markers.
• Contradictions live across the stack: property rules are being liberalised on credit yet tightened on delivery, while fiscal supply is still lagging and the SOE budget is filling part of the gap ^[4][1][5][2]. The falsifiable test is whether the new bond-issuance scope converts into observed developer issuance in the next 4-8 weeks and whether the special-bond pace closes the 9.1-point gap to last year ^[4][7].
• Domestic earnings tick: ChangXin Memory reported H1 net profit of 77.605 billion yuan, a Y/Y swing to profit ^[3].