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Core Viewpoint - Major state-owned banks are actively selling properties, including residential and commercial assets, at significant discounts, indicating a shift in their asset management strategies amid rising non-performing loans [2][4][10]. Group 1: Bank Property Sales - A state-owned bank launched a special event on an asset auction platform, promoting commercial properties at prices below 5000 yuan per square meter [2]. - Various banks, including state-owned, joint-stock, and local credit cooperatives, are directly selling properties, with some banks offering discounts of up to 25% below market prices [5][9]. - For instance, a 140 square meter property in Beijing was listed with a starting price of 743.2 million yuan, significantly lower than the market average of 7.1 million yuan per square meter, resulting in a discount of approximately 250 million yuan [7]. Group 2: Non-Performing Loans and Asset Management - The total balance of personal housing loans reached 37.44 trillion yuan as of Q3 2025, indicating that despite narrowing net interest margins, these loans still generate profits for banks [11]. - The properties being sold primarily stem from loan defaults by individuals and businesses, with banks acquiring ownership through foreclosure and then selling these assets [13]. - The current non-performing loan balance for commercial banks is approximately 3.43 trillion yuan, with a non-performing loan ratio of 1.51% [14]. Group 3: Market Dynamics and Challenges - Banks are compelled to sell properties to recover some value, as they face regulatory requirements to dispose of non-performing assets within a specified timeframe [15]. - Despite the attractive pricing, many properties are not selling well, with low participation in auctions and challenges in closing deals [18][19]. - The direct sale of properties by banks is affecting the local real estate market, as their pricing influences the valuation of surrounding properties, making it harder for individual sellers to compete [23].