首付比例大降至最低30%，商业用房去库存新政落地

Core Viewpoint - The People's Bank of China and the National Financial Regulatory Administration have announced a nationwide adjustment to the minimum down payment ratio for commercial property loans, lowering it to no less than 30% to support a new model of real estate development and promote the destocking of commercial real estate [1][3]. Group 1: Policy Changes - The minimum down payment ratio for commercial property loans has been adjusted to 30%, significantly lowering the barrier for purchasing commercial properties [3][5]. - Prior to this adjustment, most cities had a minimum down payment requirement of 50%, with some banks setting it as high as 60% or more [3]. - The adjustment is seen as a direct response to the high inventory levels in the commercial real estate market, with a focus on enhancing market activity [3][4]. Group 2: Market Conditions - As of November 2025, there is an estimated 141 million square meters of commercial real estate available for sale nationwide, with 52 million square meters of office space included in this figure, indicating a significant oversupply [2]. - The average time for inventory turnover is reported to be around 30 months, with some areas experiencing turnover periods of 50 to 70 months, highlighting the urgency of destocking [4]. Group 3: Industry Expectations - There is a consensus in the industry regarding the need for further policy relaxation to address the high inventory levels and the challenges in selling existing commercial properties [4][6]. - Various cities are implementing supportive policies, such as allowing the conversion of existing commercial properties into rental housing and other uses, to stimulate market activity [4]. - The demand for loans related to long-term rental apartments and other commercial property investments is expected to increase as a result of the lowered down payment requirement [5].