“降息”降首付！楼市政策组合拳出击，商办、保障房迎双重利好

Core Viewpoint - The People's Bank of China has lowered the interest rates of various structural monetary policy tools by 0.25 percentage points, aiming to support economic restructuring and optimize the housing market [1] Group 1: Monetary Policy Adjustments - The one-year interest rate for various relending tools has been reduced to 1.25%, with other term rates adjusted accordingly [1] - The central bank's move is a direct implementation of the central economic work conference's directive to stabilize the real estate market and encourage the acquisition of unsold residential properties for affordable housing [1] Group 2: Impact on Real Estate - The introduction of a new relending program for affordable housing, with a rate of 1.75%, is expected to lower to 1.25% following the recent rate cut, which will facilitate local state-owned enterprises in acquiring unsold residential properties [1] - The low utilization of affordable housing relending funds is closely tied to funding costs, and the recent rate cut is anticipated to accelerate the acquisition pace of unsold properties for affordable housing, improving market supply and demand dynamics [1] Group 3: Commercial Real Estate Support - The minimum down payment ratio for commercial property loans has been reduced to 30%, aimed at alleviating inventory issues in the commercial real estate market [2][3] - The commercial real estate sector is facing significant inventory and liquidity challenges, with some areas experiencing a sales cycle of 30 to 70 months [2] - The reduction in down payment requirements is expected to attract more investors to commercial real estate, enhancing transaction activity and potentially leading to better resource allocation [3] Group 4: Market Trends - There is a growing interest among investors in commercial properties, particularly in long-term rental products such as serviced apartments, driven by the rise of the rental market [4] - In Shenzhen, the proportion of non-residential transactions in new homes reached 31.4% in 2025, indicating a significant increase in demand for non-residential properties [4][5]