When combined, 期房 (qīfáng) literally translates to a “future-period house” or “scheduled-time house.” This perfectly describes a property that exists contractually but will only be physically delivered at a future date.
The concept of 期房 is more than just a real estate term; it's a window into modern Chinese society, economics, and aspirations. For decades, China's economy was supercharged by a booming real estate sector. The 期房 model was central to this. It allowed developers to get capital from buyers upfront, which they could then use to fund the construction itself and to acquire more land for future projects. This created a fast-paced development cycle that transformed Chinese cities. For ordinary people, buying a 期房 was often the only path to homeownership. Amidst soaring property prices, the slightly lower cost and flexible payment plans of off-plan properties made them an attractive, albeit risky, investment. Owning a home is a major social prerequisite for marriage and establishing a family in China, adding immense pressure to enter the market. Comparison to Western Culture: The closest Western concept is “buying off-plan” or “pre-construction.” However, the scale and societal importance in China are vastly different. While buying off-plan exists in the West, it's a niche market. In China, for many years, it was the default method for purchasing a new home. The cultural significance is also deeper; it's tied to life savings, family honor, and the primary vehicle for wealth accumulation for the middle class. This high-stakes environment makes the risk of a project failing (becoming a 烂尾楼 - lànwěilóu, or “rotten-tail building”) a source of immense public anxiety and social instability.
期房 is a standard, technical term used in conversations, news reports, and legal contracts related to real estate.