商业用房首付比例从50％降至30％，央行表示降准降息仍有空间，业内：将带动商办去化

Core Viewpoint - The Chinese government is implementing policies to support the commercial real estate market by lowering the minimum down payment for commercial property loans to 30%, aiming to reduce inventory and improve the financial situation of real estate companies [2][3]. Group 1: Policy Changes - The minimum down payment for commercial property loans has been significantly reduced from 50% to 30%, which is expected to stimulate demand in the commercial real estate market [3]. - Various cities are introducing supportive policies to promote the operation of commercial projects, including allowing the conversion of existing commercial properties into rental housing [3]. Group 2: Market Conditions - The commercial real estate market has been experiencing high inventory levels, with a consensus among industry experts that the market's inventory reduction has lagged behind the residential market [3]. - In major cities like Beijing, Shanghai, and Shenzhen, the commercial market is facing declining rents and challenges in reducing vacancy rates, indicating a need for policy intervention [4]. Group 3: Impact on Demand - The new policy is expected to lower the initial financial burden on buyers, thereby releasing pent-up demand, particularly benefiting small businesses and startups [5]. - The reduction in down payment requirements is anticipated to enhance the liquidity of the commercial real estate market and improve cash flow for real estate companies [6]. Group 4: Future Outlook - The long-term recovery of the commercial real estate market will depend on sustained growth in consumption and services, as well as stability in the employment market [7]. - The central bank has indicated that there is still room for further reductions in interest rates, which could lower mortgage costs and stimulate housing demand [7].