Core Viewpoint - The "commercial loan to public housing fund loan" (商转公) policy is being implemented across multiple cities in China, providing significant interest savings for homeowners and enhancing the certainty of home purchasing decisions [1][5][6]. Policy Implementation - Various cities have introduced or are in the process of introducing the "商转公" policy, with over 30 cities reported to have gradually implemented or relaxed these policies [5]. - Specific examples include Guangzhou, which is seeking public opinion on its implementation guidelines, and Hainan, which has drafted its management measures [3][4]. Benefits of the Policy - The policy aims to alleviate the financial burden of existing commercial loans for homeowners, allowing them to switch to lower-interest public housing fund loans [3][5]. - It is expected to boost housing consumption demand and enhance market confidence [5][6]. Variability in Policy Conditions - The eligibility criteria for the "商转公" policy vary significantly across cities, with some cities like Wuhan having more relaxed conditions compared to stricter requirements in cities like Guangzhou [8][9]. - For instance, Guangzhou requires applicants to meet eight specific conditions, making it more challenging to qualify [9][10]. Current Status in Major Cities - As of now, major cities like Beijing and Shanghai have not yet introduced the "商转公" policy, with local housing fund management centers indicating a cautious approach due to the current utilization rates of housing funds [11][14][15]. - Shenzhen has already initiated the "商转公" business, attributed to its unique market conditions [12][13]. Financial Metrics - As of the end of 2024, Beijing's housing fund balance was reported at 8,222.10 billion yuan, with a loan balance of 5,109.97 billion yuan, resulting in a loan-to-fund ratio of 62.1% [15]. - In Shanghai, the loan balance accounted for 71.62% of the total fund balance, indicating a high utilization of housing fund resources [15].