Core Viewpoint - The implementation of the "Commercial to Public" (商转公) policy in Guangzhou aims to lower the cost of commercial bank loans and enhance the quality of life for families by reducing mortgage pressure, while also stimulating domestic consumption and economic circulation [1][2]. Group 1: Policy Implementation - The Guangzhou Housing Provident Fund Management Center has officially implemented the "Commercial to Public" policy, allowing eligible individuals to convert their commercial housing loans to provident fund loans [1]. - Eligibility criteria include having contributed to the housing fund for at least 60 months, not having used housing fund loans, owning a single property in Guangzhou, and having paid commercial bank loans for over three years [1]. - The loan amount is determined based on 70% of the lower value between the purchase price and the appraisal price, with a maximum loan term of 30 years [1]. Group 2: Market Impact - The policy has received positive feedback from the market and is seen as a significant highlight in the current real estate policies of first-tier cities [2]. - The policy is expected to reduce the monthly payment burden on families, thereby improving their economic situation and quality of life [2]. - Since the beginning of 2023, nearly 20 cities have supported or optimized the "Commercial to Public" policy, with most being second and third-tier cities [2]. Group 3: Economic Implications - The policy is designed to lower the cost of commercial bank loans, which can reduce the risk of existing loans for banks [2]. - By decreasing mortgage costs, the policy is anticipated to release social consumption potential, allowing buyers to allocate saved funds to other consumption areas, thus stimulating domestic demand and promoting economic growth [2].

新华财经北京8月20日电（高二山）人民银行20日开展6160亿元7天逆回购操作，操作利率为1.40%，与此前持平；鉴于当日有1185亿元7 天期逆回购到期，公开市场实现净投放4975亿元。 上海银行间同业拆放利率（Shibor）短期品种涨势趋缓，14天品种微跌。具体来看，隔夜Shibor上涨0.90BP，报1.4730%；7天Shibor上涨 1.70BP，报1.5340%；14天Shibor下跌0.30BP，报1.5960%。 | | | | 2025-08-20 11:00 | | --- | --- | --- | --- | | | 期限 | Shibor(%) | 涨跌(BP) | | t | O/N | 1.4730 | 0.90 | | ⇒ | 1W | 1.5340 | 1.70 | | ゃ | 2W | 1.5960 | 0.30 | | t | 1M | 1.5320 | 0.40 | | 价 | 3M | 1.5500 | 0.00 | | 价 | 6M | 1.6100 | 0.00 | | ゃ | 9M | 1.6400 | 0.30 | | ↑ | 1Y | 1.6490 | 0. ...

Core Points - The implementation of the "Guangzhou Commercial Housing Loan to Housing Provident Fund Loan Implementation Measures (Trial)" aims to alleviate the interest burden on homebuyers and stimulate consumer confidence and spending [1][2] - The policy allows families with commercial loans to convert their loans to housing provident fund loans, significantly reducing their interest rates and monthly payments [2] Group 1 - The new policy will start on August 21, 2025, and is designed to support basic housing needs and reduce the cost of home purchases [1] - Eligible applicants must have paid into the housing provident fund for at least 60 months, have not used the fund for loans, and have been paying commercial loans for over three years [1] - The loan amount will be calculated based on the lower of the purchase price or appraised value, up to 70%, with a maximum loan term of 30 years [1] Group 2 - The policy is expected to reduce monthly interest payments significantly; for example, a commercial loan of 2 million yuan with a 30-year term could see a reduction in interest from 3.3% to 2.6%, saving over 26 million yuan in total interest [2] - The application process for converting loans is streamlined, allowing applicants to complete the process at the bank managing their original commercial loan [2] - This initiative is seen as a response to public demand and aims to activate the housing market, ultimately supporting economic development in Guangzhou [2]

Core Viewpoint - The implementation of the "Commercial Loan to Housing Provident Fund Loan" policy in Guangzhou aims to reduce the interest burden on families with housing loans, thereby lowering housing costs and stimulating consumer confidence and spending [1][2]. Summary by Sections Policy Implementation - Starting from August 21, 2025, Guangzhou will implement the "Implementation Measures for the Conversion of Commercial Personal Housing Loans to Housing Provident Fund Personal Housing Loans (Trial)" [1]. - Eligible individuals must have contributed to the housing provident fund for at least 60 months, not have used the fund for loans, and have a commercial loan for their only housing for over three years [1]. Loan Conversion Details - The loan amount available for conversion is calculated as 70% of the lower value between the purchase price and the appraised value of the property, considering the remaining balance of the commercial loan [1]. - The loan term is determined based on the remaining term of the commercial loan, with a maximum combined term of 30 years [1]. Dynamic Adjustment Mechanism - The policy includes a dynamic adjustment mechanism with individual loan rates starting at 75%, 85% for controlling queues, and 90% for suspension, ensuring sustainable policy execution while meeting the needs of first-time homebuyers [1]. Financial Impact - The policy provides a pathway for families with commercial loans to reduce their interest rates significantly. For example, a commercial loan of 2 million yuan over 30 years can see a reduction in the interest rate from 3.3% to 2.6%, saving over 26 million yuan in total interest payments [2]. - The application process for converting loans is streamlined to a "one-stop" service, allowing applicants to complete the process at the bank managing their original commercial loan [2]. Economic and Social Benefits - The "Commercial Loan to Housing Provident Fund Loan" policy expands the benefits of the housing provident fund, alleviating the financial burden on families and contributing positively to the disposable income and overall economic development in Guangzhou [2].

Core Points - The Guangzhou Housing Provident Fund Management Center has issued a temporary implementation plan for converting commercial personal housing loans to housing provident fund personal housing loans [1] - The plan outlines specific eligibility criteria for applicants, including the requirement that the original commercial loan must be for a self-occupied housing property within the city's administrative area [1] - Additional conditions include that the original commercial loan must have been disbursed for at least three years, and the applicant must be the borrower and property owner [1] Eligibility Criteria - The original commercial loan must not be a combination loan, subsidized loan, or a mortgage for non-purchase purposes [1] - The property must have a real estate ownership certificate and must not have any other mortgage registrations or legal restrictions [1] - The property must be the only housing for the applicant's family in the city, and the original commercial loan must not have any overdue records in the past 12 months [1] - Applicants must have opened an account in the city and contributed to the housing provident fund for at least 60 months [1]

Core Viewpoint - The expansion of the "commercial to public" (商转公) loan policy aims to alleviate the financial burden on homebuyers by allowing them to convert commercial housing loans into housing provident fund loans, thus reducing interest costs and promoting social consumption [1][2]. Group 1: Policy Implementation and Impact - The "commercial to public" loan business has been expanding, with multiple cities implementing supportive policies to facilitate eligible homebuyers in applying for these loans [1]. - In Zhengzhou, as of July 9, 2023, the housing provident fund management center has issued a total of 16.872 billion yuan in "commercial to public" loans, benefiting 27,893 families, with an estimated total interest savings of approximately 1.4 billion yuan [1]. - The shift in housing policy focus towards promoting consumption and reducing costs has made "commercial to public" loans an important tool for local governments to support housing consumption [1]. Group 2: Policy Optimization and Future Prospects - Recent optimizations to the "commercial to public" loan application process have significantly reduced the required documentation, making it easier for applicants [2]. - Several regions are planning to implement the "commercial to public" loan policy, with Guangzhou and Hainan Province currently seeking public feedback on their respective implementation measures [3]. - The potential for further cities to adopt the "commercial to public" loan policy is high, as it not only alleviates interest burdens but also improves disposable income and stimulates consumption [3].

Core Viewpoint - The expansion of the "commercial to public" (商转公) loan policy aims to alleviate the financial burden on homebuyers by allowing them to convert commercial housing loans into housing provident fund loans, thus reducing interest costs and promoting social consumption [1][2]. Group 1: Policy Implementation and Impact - The "商转公" policy has been implemented in multiple cities, with significant benefits reported. For instance, in Zhengzhou, as of July 9, 2023, the housing provident fund management center issued a total of 16.872 billion yuan in "商转公" loans, benefiting 27,893 families, resulting in an estimated interest savings of approximately 1.4 billion yuan for applicants [1]. - The policy is seen as a crucial tool for local governments to support housing consumption, especially as the focus shifts towards promoting consumer spending and reducing costs in the housing sector [1]. Group 2: Policy Optimization and Expansion - Recent optimizations to the "商转公" policy have been made to simplify the application process. For example, Zhengzhou reduced the required documentation for the "先还再贷" model from 10 items to just one ID card, and for the "直还" model from 11 items to 3 [2]. - Other cities, such as Shenyang, have expanded the eligibility criteria for the "商转公" loans to include flexible employment contributors, out-of-town contributors, and active military personnel, allowing them to convert commercial loans that have been repaid for at least five years [2]. Group 3: Future Prospects - The "商转公" business is expected to expand to more regions, with several areas planning to issue related documents to facilitate its implementation. For instance, Guangzhou is seeking public opinion on its implementation measures, which include conditions for initiating the "商转公" loans [3]. - The Hainan Provincial Housing Provident Fund Management Bureau is also in the process of drafting its management measures for converting commercial loans to public loans, indicating a broader trend towards supporting this policy [3].

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].

Core Viewpoint - The Guangzhou Housing Provident Fund Management Center has proposed a draft regulation allowing the conversion of commercial housing loans into pure provident fund loans, aimed at easing the financial burden on borrowers and expanding the use of housing provident funds [1][6]. Summary by Sections Implementation of the Regulation - The draft regulation outlines the process for converting outstanding commercial housing loans into housing provident fund loans, referred to as "commercial-to-provident fund loans" [1]. - The conversion will be initiated when the housing provident fund loan rate is below 75%, with preventive measures in place if the individual loan rate reaches 85% or higher, and a suspension of conversions if it reaches 90% or above [1][6]. Application Conditions - Applicants must meet eight specific conditions, including: 1. The original commercial loan must be for a self-occupied property within Guangzhou [2]. 2. The original commercial loan must have been disbursed for at least five years and have the lender's consent for conversion [2]. 3. The applicant must be the borrower and the sole owner of the property [2][3]. 4. The property must have a real estate ownership certificate [3]. 5. The property must not have any additional mortgage registrations or legal restrictions [3][4]. 6. The property must be the only residence of the applicant's family in Guangzhou [4]. 7. The original commercial loan must not have any overdue records in the past 24 months [4]. 8. The applicant must have contributed to the housing provident fund for at least 60 months [5]. Loan Amount and Terms - The loan amount for the conversion will be determined based on the current housing provident fund loan policies and cannot exceed the lesser of the original commercial loan balance and 60% of the total purchase price [5][6]. - If the available loan amount is insufficient to cover the original loan's principal and interest, the borrower must supplement the funds [6]. - The loan term for the converted loan will align with the original commercial loan's remaining term, with a combined maximum of 30 years for both loans [6]. Interest Rates - The interest rate for the converted loan will follow the rates published by the People's Bank of China for housing provident fund loans, with adjustments made annually based on changes in the rate [6]. Market Context - Recent adjustments in housing provident fund policies across various regions indicate a trend towards broadening the use of these funds, particularly benefiting first-time homebuyers and those seeking to upgrade their housing [6].

Core Viewpoint - The article discusses the implementation of a new policy in Guangzhou allowing the conversion of commercial housing loans into pure public housing fund loans, aimed at easing the financial burden on homeowners and expanding the use of housing funds [2][10]. Summary by Sections Policy Announcement - On July 2, the Guangzhou Housing Provident Fund Management Center announced a draft for public consultation regarding the conversion of commercial housing loans to public housing loans [2]. Conversion Process - The conversion, referred to as "commercial to public loan" (商转公贷款), allows contributors to apply for the transfer of their outstanding commercial housing loan balance to a public housing loan [2]. Activation Conditions - The conversion process will be activated when the public housing loan rate is below 75%. Preventive measures will be taken when the individual loan rate reaches 85% or higher, including quota control and appointment applications, and will be suspended at 90% [2]. Application Requirements - Applicants must meet eight conditions, including: 1. The original commercial loan must be for a self-occupied residence within Guangzhou [2]. 2. The original commercial loan must have been disbursed for over 5 years and approved for conversion by the original bank [3]. 3. The applicant must be the borrower and the property owner, with no other co-owners except for spouse and minor children [4]. 4. The property must have a real estate ownership certificate [5]. 5. The property must not have any other mortgage registrations or legal restrictions [6]. 6. The property must be the only residence of the applicant's family in Guangzhou [7]. 7. The original commercial loan must not have any overdue records in the past 24 months [8]. 8. The applicant must have contributed to the housing fund for at least 60 months [9]. Loan Amount and Terms - The loan amount for the conversion will be determined based on the current public housing loan policy and cannot exceed the difference between the original commercial loan balance and the principal due in the next three months, capped at 60% of the total purchase price [10]. - If the available loan amount is insufficient to cover the original loan, the borrower must supplement the funds [11]. - The loan term will align with the public housing loan policy and cannot exceed the remaining term of the original commercial loan, with a total combined term not exceeding 30 years [11]. Interest Rate - The interest rate for the converted loan will follow the public housing loan rate set by the People's Bank of China, with adjustments made annually on January 1 if there are changes in the public housing loan rate [11]. Market Context - Recent adjustments in housing provident fund policies across various regions indicate a trend towards expanding the use of housing funds, particularly benefiting first-time buyers and those seeking to upgrade their housing [11].