首付比例下调至30%，商业用房拉开去库存大幕

Core Viewpoint - The People's Bank of China has announced a significant policy change by lowering the minimum down payment ratio for commercial property loans to 30%, aimed at stimulating the commercial real estate market and reducing inventory levels [1]. Group 1: Policy Impact - The previous minimum down payment for commercial property loans was 50%, with some banks setting it as high as 60%, making this reduction a substantial easing of transaction barriers [1]. - The policy is expected to positively impact the inventory reduction of commercial properties, which include office buildings and retail spaces, as the current inventory is notably high [1]. Group 2: Market Conditions - As of November 2025, there is a total of approximately 200 million square meters of unsold commercial properties in China, comprising 52.34 million square meters of office space and 14 million square meters of commercial space [1]. - The high inventory levels are attributed to various factors, including prolonged sales cycles and declining property prices, which negatively affect overall property values and corporate cash flows [1]. Group 3: Future Expectations - The reduction in the down payment ratio is anticipated to invigorate the existing commercial property market and promote the development of affordable rental housing and long-term rental apartments [2]. - Financially, this move may also support the growth of Real Estate Investment Trusts (REITs) [2]. - More cities are expected to implement policies aimed at reducing commercial property inventory, with a focus on optimizing purchase restrictions to enhance transaction activity [3].