央行重磅发声，降息落地

Monetary Policy Changes - The People's Bank of China (PBOC) has lowered the interest rate on various structural monetary policy tools by 0.25 percentage points, bringing the one-year re-lending rate down from 1.5% to 1.25%[3] - The re-lending rate for affordable housing will also be reduced to 1.25%, aimed at facilitating the acquisition of unsold residential properties for affordable housing[4] Commercial Property Support - The minimum down payment ratio for commercial property loans has been reduced from 50% to 30%, lowering the barrier for purchasing commercial real estate[5] - This policy aims to enhance market activity in the commercial property sector and reflects the government's increased focus on reducing inventory in this market[6] Future Monetary Policy Outlook - There is still room for further interest rate cuts and reserve requirement ratio reductions within the year, as the average reserve requirement ratio stands at 6.3%[7] - The weighted average interest rate for new commercial housing loans was 3.07% in Q3 2025, indicating potential for future reductions in mortgage rates to stimulate demand[8] Overall Market Impact - The PBOC's recent policies are expected to positively impact the stabilization of the real estate market, supported by various measures from multiple government departments[8] - Additional policies may include tax reductions on property sales and extended loan terms for qualifying projects, which are anticipated to further stabilize market expectations and enhance demand[8]