一线城市集体官宣，仅上海尚未跟进

Core Viewpoint - Beijing has announced a new policy allowing the use of housing provident fund (HPF) to pay for down payments on homes, which is expected to alleviate the financial burden on homebuyers and lower the threshold for purchasing homes [1][2][4]. Group 1: Policy Implementation - The new policy allows individuals to withdraw their HPF to pay for down payments while simultaneously applying for HPF personal housing loans, effectively reducing the upfront cash needed [4][5]. - This policy aligns with similar measures already adopted by other first-tier cities such as Shenzhen and Guangzhou, with only Shanghai yet to implement such a policy [7][10]. Group 2: Market Impact - The ability to use HPF for down payments is anticipated to ease the financial pressure on first-time homebuyers, allowing them to utilize their HPF balances directly for this purpose [5][10]. - Over 30 cities have already adopted policies supporting the use of HPF for down payments, indicating a growing trend in the market [6][10]. Group 3: Broader Context - The overall real estate policy landscape is becoming saturated, with many cities having exhausted their policy options, leading to a focus on HPF and home purchase subsidies as remaining tools [11][12]. - The central government is expected to continue strengthening policies to stabilize the market, particularly through urban renewal and land reserve initiatives, which may further alleviate inventory pressures in the industry [12][13].