肇庆计划"商转公"了！日前，肇庆住房公积金管理中心发布《"商转公"贷款办事指南（征求意见 稿）》。根据征求意见稿，这次"商转公"贷款包括商业贷款全额转为公积金贷款、商业贷款转为商业和 公积金组合贷款。 【以下是"商转公"贷款办事指南（征求意见稿）全文】 一、设定依据： 《住房公积金管理条例》 《住房公积金个人住房贷款业务规范》（国标GB/T51267-2017） 《肇庆市住房公积金个人住房贷款管理办法》 二、贷款对象： 在我市购买商品房已办理个人住房商业贷款（不包括组合贷款），现符合我市住房公积金贷款申请条件 的缴存职工。 三、业务开展模式： 商转公贷款包括商业贷款全额转为公积金贷款、商业贷款转为商业和公积金组合贷款。 （三）商业贷款所购房屋已经取得《房屋所有权证》或《不动产权证书》，除向原商业贷款银行设定抵 押外，未设定其他抵押权、居住权登记事项，不存在司法查封、冻结等权利限制情形，能办理抵押登记 或者顺位抵押登记手续。 五、申请商转公贷款时存在以下情形之一的，不予贷款： （一）原商业贷款银行不同意办理商转公贷款的； （二）原商业贷款属购买本市住房，在外市申请商业贷款的； （三）存在现行公积金贷款政策明确规 ...

Core Viewpoint - The Chengdu Housing Provident Fund Management Committee has released a revised management approach for converting commercial housing loans to housing provident fund loans, effective from October 15, 2025, for a duration of five years [1] Group 1: Policy Changes - The new policy removes the restriction on "local contributions," allowing eligible out-of-town contributors to apply for the conversion of commercial loans to provident fund loans [1] - The number of banks eligible to participate in the "commercial to provident fund" loan business has expanded beyond the original 15 banks, as any commercial bank that signs a cooperation agreement with the Chengdu Provident Fund Center can now participate [1]

Market Overview - On August 20, the A-share market saw a rebound with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all reaching new highs for the year. The Shanghai and Shenzhen markets had a total trading volume of 2.41 trillion yuan, a decrease of 180.1 billion yuan from the previous trading day, marking six consecutive days of over 2 trillion yuan in trading volume. Over 3,600 stocks rose in the market [2][3] - The Shanghai Composite Index increased by 1.04% to 3766.21 points, the Shenzhen Component Index rose by 0.89% to 11926.74 points, and the ChiNext Index gained 0.23% to 2607.65 points [3] Sector Performance - Chip stocks surged in the afternoon, while consumer stocks such as liquor rebounded. Consumer electronics also showed active performance. Conversely, high-priced stocks collectively fell, with sectors like film, chemical pharmaceuticals, CRO, and vitamins experiencing declines. The top-performing sectors included liquor, semiconductors, AI glasses, and minor metals, while the worst-performing sectors were film, chemical pharmaceuticals, CRO, and vitamins [2] International Market - In the U.S. stock market on August 20, the Dow Jones Industrial Average rose by 16.04 points (0.04%) to 44938.31 points, while the S&P 500 fell by 15.59 points (0.24%) to 6395.78 points, and the Nasdaq Composite dropped by 142.09 points (0.67%) to 21172.86 points [4][6] - In Europe, the FTSE 100 index increased by 98.92 points (1.08%) to 9288.14 points, while the CAC 40 index in France fell by 6.05 points (0.08%) to 7973.03 points, and the DAX index in Germany decreased by 146.10 points (0.60%) to 24276.97 points [4] Commodity Prices - International oil prices rose on August 20, with light crude oil futures for September delivery increasing by $0.86 (1.38%) to $63.21 per barrel, and Brent crude oil futures for October delivery rising by $1.05 (1.60%) to $66.84 per barrel [5] Automotive Market - According to the China Passenger Car Association, from August 1 to 17, the national retail sales of passenger cars reached 866,000 units, a year-on-year increase of 2%. Cumulatively, retail sales for the year reached 13.611 million units, up 10% year-on-year. The retail sales of new energy vehicles during the same period were 502,000 units, a year-on-year increase of 9% [11] Financial Regulations - The National Financial Regulatory Administration has proposed that the proportion of controlling mergers and acquisitions loans should not exceed 70% of the transaction price, while equity funds must account for at least 30%. This aims to mitigate high-leverage merger financing risks [8] Company Announcements - Muyuan Foods reported a net profit growth of 1170% year-on-year for the first half of the year, while Weicai Technology saw a net profit increase of 831% year-on-year. Tianwei Foods is planning to issue H-shares and list on the Hong Kong Stock Exchange [14]

Core Viewpoint - The Guangzhou Housing Provident Fund Management Center has issued a temporary implementation plan for converting commercial personal housing loans to housing provident fund loans, aimed at reducing the financial burden on homebuyers and enhancing the support role of the housing provident fund system [2][7]. Group 1: Eligibility Criteria - Applicants must meet specific conditions, including that the original commercial loan must be for a self-occupied residential property within Guangzhou, and the loan must not be settled [2]. - The original commercial loan must have been disbursed for at least three years, and the applicant must be the sole owner of the property [2]. - The property must have a real estate ownership certificate, and there should be no other mortgage registrations or legal restrictions on the property [2]. Group 2: Calculation of Loan Amount - The loan amount for the conversion is determined by the current housing provident fund loan policy and cannot exceed the lower of the original commercial loan balance minus the principal due in the next three months or 70% of the property's purchase price [4][5]. - An example illustrates that if the original commercial loan balance is 600,000 yuan and the property is valued at 2,000,000 yuan, the maximum loan amount would be calculated based on the lowest of the three criteria [5]. Group 3: Loan Term Calculation - The loan term for the converted loan is based on the remaining term of the original commercial loan and cannot exceed 30 years when combined with the years already paid [6]. - For instance, if the original loan has a remaining term of 23.5 years and has been paid for 6.5 years, the maximum loan term for the new loan would be 23 years [6]. Group 4: Additional Considerations - The conversion loan is not applicable for those who have a housing provident fund combination loan where the commercial loan part is involved [7]. - The new policy is expected to alleviate interest expenses for homebuyers, stimulate social consumption demand, and provide opportunities for those who previously could not use provident fund loans [7]. - The current interest rate for the first provident fund loan is 2.6%, which is lower than the average commercial loan rate of 3.2%, thus reducing monthly payments for borrowers [7].

Group 1 - Chengdu is implementing a commercial-to-public loan policy, which allows borrowers to convert their existing commercial loans to public housing loans [1][2] - The maximum loan amount for families with two or more contributors is 1 million yuan, while for single contributors, it is 600,000 yuan [8] - The loan interest rates are set at 2.1% for loans with a term of 5 years or less, and 2.6% for loans exceeding 5 years [10] Group 2 - Borrowers must meet specific conditions, including being the sole owner of the property, having a stable income, and a good credit history [3][5] - The application process involves submitting a written loan application, followed by a review and approval process by the Chengdu Public Housing Fund Center [4][11] - The loan amount is determined based on various factors, including the remaining principal of the original commercial loan and the borrower's repayment ability [7][9] Group 3 - Borrowers can apply for the commercial-to-public loan at the original commercial loan bank if it is one of the 15 cooperating banks [12] - The policy prioritizes local contributors, limiting access for those who have made contributions in other regions [14] - Families with more than one property are not eligible for the commercial-to-public loan [15]

Core Points - From August 20, 2025, individuals will be able to convert personal housing commercial loans issued before December 31, 2021, into housing provident fund loans [1] Group 1 - The Hefei Housing Provident Fund Management Center announced the relaxation of the "commercial to provident fund" loan conversion policy [1] - As of the end of July 2025, the individual loan rate in the city (including provincial branches) is 86.73%, with the city center at 90.64% [1] - The decision to allow the conversion is based on the current funding situation and the acceptance of "commercial to provident fund" loan applications [1]

Corporate Financing - New World Development has secured refinancing support of HKD 88.2 billion (approximately USD 11.2 billion) through a new term loan agreement with banks, aimed at refinancing part of its existing unsecured offshore financial debts [1] - Vanke A's largest shareholder, Shenzhen Metro Group, plans to provide a loan of CNY 6.249 billion to Vanke for repaying maturing public debts, bringing the total loans from Shenzhen Metro Group to CNY 21.8 billion [2] Real Estate Market - The total land acquisition amount for the top 100 real estate companies in the first half of 2025 reached CNY 506.55 billion, representing a year-on-year increase of 33.3%, with the growth rate expanding by 4.5 percentage points compared to the previous month [3] - China State Construction Engineering won a residential land plot in Beijing's Yanqing District for a base price of CNY 560 million, with a floor price of approximately CNY 15,500 per square meter [4] Policy Developments - Guangzhou is proposing a policy for converting commercial housing loans to public housing loans, allowing such conversions when the public loan rate is below 75%, with additional measures to be implemented as the rate increases [5] - Beijing's government is focusing on optimizing real estate policies to better meet the diverse housing needs of citizens, emphasizing the importance of a multi-supply housing system and enhancing housing security for young talents and recent graduates [6][7]

Group 1: Electric Vehicle Exports - Shenzhen's electric vehicle exports reached 11.18 billion yuan in the first five months of the year, marking a year-on-year increase of 16.7% [1] - BYD, a local company, exported over 380,000 vehicles during the same period, representing a significant year-on-year growth of 93% [1] - The expansion of BYD's presence now spans over 70 countries and regions across six continents, covering more than 400 cities [1] Group 2: Charging Device Regulations - Shenzhen's market supervision authority has issued a notice prohibiting the sale of non-3C certified charging devices in the Huaqiangbei market [2] - Merchants in the Huaqiangbei market are currently checking their inventory to ensure compliance with the new regulations [2] - This measure aims to purify the market environment and promote orderly development within the electronic product trading sector [2] Group 3: Housing Loan Policy in Guangzhou - Guangzhou is proposing a "commercial to public" housing loan policy, which will be activated when the personal housing loan rate falls below 75% [3] - Preventive measures will be implemented when the loan rate reaches 85% or higher, including potential control on loan amounts and appointment requirements [3] - The policy aims to alleviate the financial burden on homebuyers and stabilize the real estate market [4] Group 4: Hong Kong Real Estate Market - In June, Hong Kong recorded 7,271 property sale agreements, reflecting a month-on-month increase of 12.9% and a year-on-year increase of 38.6% [5] - The total value of these agreements reached 66.4 billion HKD, with a month-on-month growth of 33.2% and a year-on-year growth of 61.6% [5] - These figures indicate a recovery trend in the Hong Kong real estate market, highlighting strong economic recovery momentum in the region [6] Group 5: Shenzhen Stock Market Performance - The Shenzhen Composite Index closed at 10,534.58 points, showing an increase of 1.17% [7] - Notable gainers included Xicet Testing, Yihua New Materials, and Yizhongliang, each rising by 20% [8] - Conversely, Feilu Technology, Wangxin Materials, and China Shipbuilding Emergency experienced declines of 12.3%, 11.41%, and 10.48% respectively [8]

Core Viewpoint - Guangzhou is set to join Shenzhen as a major city implementing the "commercial to public" (商转公) loan policy, allowing the conversion of commercial housing loans to public housing loans when the individual loan rate falls below 75% [1][2]. Group 1: Policy Implementation - The Guangzhou Housing Provident Fund Management Center has drafted a proposal for public consultation from July 2 to July 11, aiming to alleviate the interest burden on loan payers and stimulate social consumption [2]. - The proposal introduces a dynamic adjustment mechanism linking the business's opening to the status of provident fund funds, with specific thresholds for individual loan rates (75%, 85%, and 90%) dictating the operational status of the "commercial to public" loans [2][3]. Group 2: Application Conditions - The proposal outlines specific eligibility criteria for applicants, including the requirement that borrowers must have been contributing to the housing provident fund in Guangzhou and must not have previously utilized public housing loans [3]. - The original commercial loan must have been disbursed for at least five years, and the borrower must have obtained consent from the original commercial loan bank to convert to a pure public fund loan [3][4]. Group 3: Market Impact - The implementation of the "commercial to public" loan policy is expected to reduce monthly payment burdens for borrowers and decrease instances of early loan repayment, particularly benefiting younger buyers and new residents who previously could not access public loans [3][4]. - The policy is seen as a response to market demands, aligning with broader trends of promoting housing as a consumer good and addressing the needs of first-time buyers and those seeking improved living conditions [1][4].

Core Viewpoint - Guangzhou is implementing a policy to convert commercial housing loans to housing provident fund loans to alleviate the interest burden on contributors and promote social consumption [1][2]. Group 1: Policy Implementation - The policy will be activated when the individual housing loan rate (individual loan rate) falls below 75% [1][2]. - If the individual loan rate reaches 85% or above, control measures will be implemented, including loan quota management and appointment applications [2]. - When the individual loan rate reaches 90% or above, the conversion of commercial loans to provident fund loans will be suspended [2]. Group 2: Eligibility and Conditions - Borrowers must currently contribute to the housing provident fund in Guangzhou and have not used provident fund loans nationwide [4]. - Eight conditions must be met for applying for the conversion, including the requirement that the original commercial loan must be for a self-occupied property in Guangzhou and must have been disbursed for over five years [5][6][7][8][9]. Group 3: Loan Amount, Term, and Interest Rate - The loan amount for the conversion will be determined according to the current policies of the Guangzhou provident fund and cannot exceed 60% of the total purchase price [11]. - If the available loan amount is insufficient to repay the original commercial loan, the borrower must supplement the funds [12]. - The loan term will not exceed the remaining term of the original commercial loan, and the total duration of both loans combined cannot exceed 30 years [12]. The interest rate will follow the rates published by the People's Bank of China [12].