房地产去库存再加速！买商业用房最低首付降至30%

Core Viewpoint - The People's Bank of China and the National Financial Regulatory Administration have announced a policy to lower the minimum down payment ratio for commercial property loans to no less than 30%, aiming to adapt to changes in the real estate market and support a new development model [1][5] Group 1: Policy Implementation - The policy allows provincial branches of the People's Bank of China and local regulatory agencies to set their own minimum down payment ratios based on local government requirements, following the principle of "differentiated measures" [1] - Prior to this policy, most cities had a minimum down payment requirement of around 50%, with some banks setting it as high as 60% or more [1][2] Group 2: Market Conditions - The commercial property market is facing high inventory levels and slow absorption rates, with office buildings and commercial properties accounting for 25.7% of the total unsold residential properties in China as of November 2025 [2] - The average absorption period for commercial properties is reported to be around 30 months, with some areas experiencing periods of 50 to 70 months [2] Group 3: Demand Dynamics - There is a rising interest from institutional and individual investors in commercial properties, particularly in long-term rental products such as serviced apartments [3] - In Shenzhen, the proportion of non-residential new home transactions reached 31.4% in 2025, indicating a growing preference for rental-oriented products [3] Group 4: Local Measures - Various cities have implemented localized measures to stimulate the commercial property market, including allowing the conversion of commercial properties to rental housing and providing purchase subsidies [4] - For example, Shanghai permits business buildings to be used for various functions, while Wuhan offers a 50% subsidy on deed tax for new commercial property purchases [4] Group 5: Strategic Shift - The shift in policy reflects a broader trend of extending support from residential to commercial and industrial real estate, embodying a "precise drip irrigation" approach to regulation [5] - Lowering financial barriers for commercial real estate is seen as a targeted easing measure to invigorate the market and support a stable transition to a new development model in the real estate sector [5]