作者 | 第一财经 安卓 8月21日，广州住房公积金管理中心发布的《广州商业性个人住房贷款转住房公积金个人住房贷款实 施办法（暂行）的通知》（下称《办法》）正式开始实施。这也是继深圳之后，又一个加入"商转 公"行列的一线城市。 《办法》规定，在广州市开户缴纳住房公积金满60个月及以上，没有使用过住房公积金贷款，目前 在广州有唯一住房且已在商业银行支付贷款3年以上，并满足其他办理条件的，可以与原商业银行协 商办理"商转公"。 《办法》提出，可贷额度根据房屋购买价格与评估价两者中较低者的70%计算，结合商贷余额等综 合因素确定；可贷款期限根据原商业贷款剩余期限及与商贷已还年限合计不超过30年等确定。经审 批通过后的贷款利率，执行住房公积金贷款利率。 2025.08. 21 本文字数：1027，阅读时长大约2分钟 据悉，自2023年开始部分城市松绑"商转公"政策限制以来，截至目前，已有近20个城市支持或优化 该政策，大多数为二三线城市。 微信编辑 | 苏小 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 ...

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 Viewpoint - The article discusses the implementation of the "commercial to public" (商转公) policy in various cities, including Guangzhou, aimed at reducing the financial burden on homebuyers by allowing them to convert high-interest commercial loans into lower-interest public housing fund loans [1][2]. Group 1: Policy Overview - The "commercial to public" policy allows high-interest commercial loans to be converted into lower-interest public housing fund loans, significantly reducing monthly mortgage payments for homebuyers [1]. - For example, converting a 1 million yuan commercial loan to a public housing fund loan can save approximately 198 yuan per month, totaling about 2,376 yuan annually and over 47,000 yuan over 20 years [1]. Group 2: Market Context - The current housing market shows a clear trend towards housing consumption, with a notable increase in the proportion of low-priced second-hand housing transactions [1]. - In Guangzhou, first-time homebuyers dominate the market, highlighting the need for policies that alleviate financial pressures on this demographic [1]. Group 3: Eligibility and Conditions - Each city has specific conditions for applying for the "commercial to public" conversion, with Guangzhou requiring a public housing fund loan utilization rate below 75% to initiate the policy [2]. - In Guangzhou, applicants must meet several criteria, including having a commercial loan that has been disbursed for over five years and no overdue payments in the past 24 months [2]. Group 4: Future Market Outlook - Experts suggest that 2023 is a transitional period for the real estate market, with potential further relaxations in purchase and loan restrictions in some cities to stabilize the market [3].

Core Viewpoint - The recent "commercial to public" (商转公) policies introduced in cities like Guangzhou and Shenyang aim to alleviate the financial burden on homebuyers by allowing them to convert existing commercial loans into lower-interest public housing loans, thereby enhancing market confidence and consumer capacity [1][2][3]. Group 1: Policy Implementation - Since 2025, nearly 20 cities, including Guangzhou and Shenyang, have announced or optimized supportive policies for "commercial to public" loan conversions [1]. - Guangzhou's proposed policy specifies that the conversion will be initiated when the housing provident fund loan rate is below 75%, allowing borrowers to switch from commercial loans with rates around 3.2% to public loans at 2.6%, resulting in reduced monthly payments and total interest [2]. - The policy details include that the loan amount for the conversion cannot exceed 60% of the total housing price and must be the only property owned by the applicant in the city [2]. Group 2: Market Impact - The introduction of "commercial to public" policies is seen as a response to declining housing market activity, with second-hand home transactions in Guangzhou dropping below 10,000 units and new home sales also declining [3]. - The policy is expected to stabilize market expectations and encourage housing consumption, particularly among young buyers and new residents who previously faced restrictions on using public loans [3][4]. Group 3: Broader Trends - Other cities have also optimized their "commercial to public" policies, such as Shenyang, which has removed certain restrictions on loan applications, thereby broadening the eligibility for more borrowers [4]. - The simplification of the application process and the introduction of direct conversion models are aimed at enhancing operational convenience for borrowers [4][5]. - Industry experts suggest that the ongoing optimization of these policies reflects a more pragmatic approach to housing loan regulations, potentially leading to wider adoption across more cities [6].

Core Viewpoint - Guangzhou is seeking public opinion on the implementation of a new policy allowing the conversion of commercial housing loans to housing provident fund loans, aimed at easing the financial burden on homebuyers and stimulating the housing market [1][4]. Group 1: Policy Details - The proposed policy, referred to as "commercial to public loan" (商转公贷款), allows individuals to convert their outstanding commercial housing loan balances into housing provident fund loans when the personal housing loan rate falls below 75% [4]. - The policy stipulates that if the personal housing loan rate reaches 85% or above, control measures such as loan limits and appointment applications may be implemented, and if it reaches 90% or above, the conversion will be suspended [4]. - The loan amount for the conversion will be determined based on the city's provident fund loan policies and cannot exceed 60% of the total purchase price of the property [6][7]. Group 2: Market Context - Current interest rates for commercial housing loans in Guangzhou are approximately 3.2%, while the first home provident fund loan rate is 2.6%, indicating a 60 basis point difference [5]. - In the first half of 2025, Guangzhou saw 30,871 new housing transactions, with an average price of 35,200 yuan per square meter, reflecting a 2.8% increase compared to the previous period [9]. - The central government has emphasized the need to stabilize the real estate market, indicating a shift in policy focus towards consumer support and cost reduction [9]. Group 3: Eligibility Criteria - To qualify for the "commercial to public loan," applicants must currently contribute to the housing provident fund in Guangzhou and have not previously utilized provident fund loans nationwide [8]. - The policy primarily targets homeowners with only commercial loans for their primary residences, particularly younger buyers or new residents who previously could not access provident fund loans [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 - The Guangzhou Housing Provident Fund Management Center has proposed a policy to allow the conversion of commercial housing loans to housing provident fund loans, aiming to reduce costs and promote consumption [1][3][12]. Group 1: Policy Implementation - The proposed policy allows for the conversion of commercial loans to housing provident fund loans when the personal housing loan rate is below 75% [1][4]. - Only pure commercial loans for self-occupied and sole housing can qualify for this conversion, and the original commercial loan must have been disbursed for over five years [2][5]. - The policy aims to alleviate the interest burden on contributors and stimulate social consumption [4][12]. Group 2: Application Conditions - Applicants must be contributors to the housing provident fund in Guangzhou and have not used housing provident fund loans elsewhere [4][10]. - The original commercial loan must be for a self-occupied property within the city, and the loan must be with a bank that handles housing provident fund loans [5][6]. - The property must have a real estate ownership certificate, and there should be no other mortgage registrations or legal restrictions on the property [7][8]. Group 3: Loan Details - The loan amount for the conversion will be determined based on the current housing provident fund loan policies and cannot exceed 60% of the total purchase price [10][11]. - If the converted loan amount is insufficient to cover the original commercial loan, the borrower must make up the difference [11]. - The loan term will be aligned with the original commercial loan's remaining term, not exceeding a total of 30 years [11]. Group 4: Market Implications - The policy reflects a shift in housing policy from traditional stimulus measures to promoting consumption and reducing costs, particularly benefiting young buyers and new residents [12][13]. - The recent national meeting emphasized the need for stronger measures to stabilize the real estate market, indicating a proactive approach to market recovery [12][13].