商办房地产市场重磅利好来了。1月17日，中国人民银行、国家金融监督管理总局发布关于调整商业用 房购房贷款最低首付款比例政策的通知，明确商业用房(含"商住两用房")购房贷款最低首付款比例调整 为不低于30%。在此之前，全国绝大多数城市商业用房(包括商业、写字楼、商务公寓等)的贷款最低首 付比例通常为50%，部分银行或特定项目甚至高达60%，较高的购买门槛在一定程度上抑制了投资与交 易意愿。多位受访人士表示，与住宅市场相比，商业地产(包括商业、写字楼、商业公寓、酒店等)近年 来面临更突出的库存积压与流动性难题。 首付比例降至30% 上海易居房地产研究院副院长严跃进表示，商业用房主要包括商铺与写字楼两大类，其去库存进展长期 滞后于住宅市场。此前商业用房首付比例普遍在50%以上，较高的资金门槛抑制了中小投资者与企业用 户的购房意愿。此次将首付比例降至30%，显著降低了购房者的初始资金压力，有助于释放被抑制的购 置需求，尤其对资金敏感的中小商户和初创企业具有直接激励作用。这一调整不仅与住宅市场政策形成 协同，更体现出政策层对商业地产结构性问题的精准回应。 国家统计局数据显示，截至2025年11月末，商品房待售面积7.5 ...

Group 1 - The adjustment of the minimum down payment ratio for commercial property loans to no less than 30% is expected to positively impact the real estate market and corporate structure [2][3] - This policy aims to support the de-inventory of the commercial real estate market, which includes shops, office buildings, hotels, and commercial complexes [4][5] - The previous down payment requirements for commercial properties were generally around 50%, with some banks increasing it to 60% or more, which suppressed the purchasing willingness of small investors and enterprises [3][4] Group 2 - The new policy is seen as a tool to stimulate market activity and accelerate the de-inventory process for real estate companies, which have been facing cash flow pressures due to slow sales [5][6] - The adjustment is expected to facilitate the transformation of commercial properties into long-term rental apartments and hotel-style apartments, thereby activating demand for such investments [6] - The reduction in the down payment requirement aligns with the recovery of the consumption market and the service industry, indicating a positive response from the policy side to economic recovery [6]

Core Viewpoint - The People's Bank of China and the National Financial Regulatory Administration have announced a reduction in the minimum down payment ratio for commercial property loans to 30%, aiming to stimulate demand and alleviate inventory issues in the commercial real estate market [1][2]. Group 1: Policy Changes - The minimum down payment for commercial property loans has been adjusted from a previous range of 50% to 60% to a new minimum of 30%, which is expected to enhance liquidity in the market [1][2]. - This policy extension to commercial real estate follows a trend of focusing primarily on residential properties in past regulatory measures, marking a significant shift in support for the commercial sector [1][2]. Group 2: Market Impact - The high down payment requirements had previously restricted market circulation, with some projects experiencing transaction declines of up to 90% due to stringent regulations [2]. - The new down payment policy is anticipated to lower investment barriers significantly, allowing for increased participation from small investors and startups, thereby revitalizing the commercial market [3]. Group 3: Broader Economic Context - The down payment reduction is part of a broader set of policies aimed at stabilizing the real estate market, including tax reductions on property sales and continued monetary easing by the central bank [3][4]. - The adjustments are not merely a relaxation of previous policies but are strategically aimed at addressing structural inventory issues within the commercial real estate sector [4].