首付比例下调至30% 商业用房去库存大幕拉开

Core Viewpoint - The People's Bank of China has announced a significant policy change by lowering the minimum down payment ratio for commercial property loans from 50% to 30%, aimed at reducing the inventory of commercial real estate, which currently stands at nearly 200 million square meters [1][2]. Group 1: Current Market Conditions - As of November 2025, the inventory of unsold office buildings is 52.34 million square meters, while the inventory of commercial properties is 140 million square meters, totaling close to 200 million square meters [2]. - The high inventory levels and prolonged sales cycles have led to declining prices in commercial properties, negatively impacting overall property values and the financial health of businesses [2]. Group 2: Policy Implications - The reduction in the minimum down payment is expected to lower the transaction threshold for commercial properties, thereby facilitating the de-inventory process [1]. - This policy is seen as a crucial step in revitalizing existing commercial properties and promoting the development of affordable rental housing and long-term rental apartments [2]. Group 3: Regional Policy Initiatives - Various cities are implementing supportive policies to address the high inventory in the commercial property market, such as allowing mixed-use functions for business buildings in Shanghai and reforming industrial land policies in Hangzhou [3]. - Financial incentives are also being introduced, such as tax rebates in Wuhan and purchase subsidies in Nanning for commercial property buyers [3].