协议签订时，天天公司仿佛看到了资产"解冻"的曙光。然而，现实却再度设下关卡。 当天天公司按约要求春来公司将16套商铺过户至指定代管人名下时，却因春来公司欠缴税款，导致案涉 商铺迟迟无法办理过户手续。无奈之下，天天公司诉至无锡市惠山法院洛社法庭，请求判令春来公司协 助办理过户手续。 企业之间发生债务纠纷，想以商铺做抵偿还，但又遭遇税务欠缴，无法过户。而且商铺还涉及16套，怎 么处理？判了要执行不了怎么办？企业急得不行，法官也是绞尽脑汁，好在问题得到完美解决。 2016年，天天公司(化名)与春来公司(化名)签订融资租赁合同，约定以售后回租形式租赁设备，租金总 额2000余万元。然而，合同履行过程中，春来公司经营陷入困境，无力偿还到期融资租赁款。面对这 笔"悬在空中"的债权，天天公司负责人一度忧心忡忡："钱收不回来，资产盘不活，公司的资金链怎么 办？" 为解决债务问题，两家公司又签订了《以房抵债合同书》及补充协议，约定春来公司用其名下101套不 动产(包括16套商铺)抵偿所欠债务。根据协议，天天公司有权将上述房产过户至指定第三人名下。 判决生效后，承办法官持续跟进，积极推动判决履行。最终，案涉商铺顺利完成了过户手续 ...

智通财经APP讯，希慎兴业(00014)发布截至2025年12月31日止年度业绩，该集团取得营业额34.64亿港 元，同比增加1.6%;经常性基本溢利19.18亿港元，同比减少1.9%;基本溢利25.1亿港元，同比增加28.3%; 每股基本盈利31港仙。 营业额按年增长1.6%，经常性基本溢利则按年下跌1.9%。受惠于出售竹林苑住宅单位的公平值收益所 带动，基本溢利按年上升28.3%。 商铺业务营业额按年增长2.6%。受惠于奢华品牌旗舰店的进驻及扩充，续租租金水平维持上升。2025 年下半年租户销售额录得双位数按年增长。 写字楼业务营业额维持平稳。在香港写字楼租赁市场持续面对挑战的情况下，我们的香港写字楼出租率 由90%提升至94%，纾缓续租租金水平向下的影响。 启动80亿港元的五年期资本循环计划，以充实财务状况及提升长远价值。于2025年内，已完成资本循环 目标的26%并收取21亿港元。 ...

Core Viewpoint - The minimum down payment ratio for commercial properties in Hebei Province has been reduced to 30%, effective from February 4, 2026, as part of a broader effort to stimulate the commercial real estate market and support economic development [1][3]. Summary by Category Policy Changes - The People's Bank of China, Hebei Branch, announced a new policy that lowers the minimum down payment for commercial property loans from 50% to 30% for various types of commercial real estate, including shops, apartments, office buildings, and hotels [2][4]. - The adjustment is part of a strategy to implement city-specific measures based on local government requirements and aims to facilitate the reduction of inventory in the commercial real estate market [2][4]. Market Impact - The reduction in the down payment requirement is expected to lower the barriers for purchasing commercial properties, thereby attracting more potential investors to the commercial real estate sector [2][4]. - This policy change is seen as a specific measure to promote economic growth by directing resources towards more efficient sectors and projects [2][4].

Group 1 - The core viewpoint of the article indicates that China Sandi (00910.HK) reported a significant decline in total revenue for the fiscal year ending December 31, 2024, amounting to approximately RMB 2.078 billion, which represents a year-on-year decrease of about 37.1% [1] - The company recorded a substantial loss attributable to shareholders of approximately RMB 4.052 billion, compared to a loss of about RMB 465 million for the fiscal year ending December 31, 2023 [1] - Basic loss per share was reported at RMB 0.7963, a significant increase from RMB 0.0913 in the previous year [1] Group 2 - As of December 31, 2024, the company has nine developing property projects located in various cities across China, with key cities including Shanghai, Fuzhou, Xi'an, and Baoji [1] - The company primarily focuses on the development of residential properties, as well as residential and commercial mixed-use properties, with product categories including apartments, offices, shops, and villas [1]

有业内人士分析，此次调整可为购房者、小微企业、创业者等带来不少利好。对比可见，此次湖南省全省（涵盖 14个市州）的商业用房（包括商住两用房）购房贷款最低首付款比例统一调整为不低于30%，相比此前普遍执行 的50%首付比例，资金门槛显著降低。以一套总价100万元的商业公寓为例，首付比例从50%降至30%，意味着购 房者的前期资金压力减少20万元。 来源：长沙晚报 长沙晚报掌上长沙1月26日讯（全媒体记者 孙占锋）从1月22日起，在湖南省14个市州购买公寓、商铺等商业用房 （含商住两用房），购房贷款的最低首付比例调整为不低于30%。此次商业首付比例的大幅下调，明显为投资者 降低了资金门槛，同时也利好小微企业和创业者。不过，专业人士也提醒置业者关注月供压力增加以及商业用房 的持有成本与潜在风险。 日前，中国人民银行湖南省分行联合国家金融监督管理总局湖南监管局印发通知明确，自1月22日起，全省商业用 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%。各银行业金融机构可在全省最低首付款比例基 础上，结合本机构经营状况、客户风险状况等因素，合理确定每笔贷款的具体首付款比例。 对于初创企业主和个体户而言，购买写字 ...

Core Viewpoint - The People's Bank of China has introduced a new financial policy that lowers the minimum down payment ratio for commercial property loans to 30%, which is expected to stimulate the market by reducing the purchasing threshold for commercial properties [1][2]. Group 1: Policy Implementation - The new down payment ratio has been implemented in Shaanxi Province, effective from January 23, 2026, reducing the previous minimum from 50% to 30% for commercial properties, including "commercial-residential mixed-use properties" [2]. - This policy is seen as a significant benefit for currently available commercial properties, as it lowers the entry barrier for potential buyers [3]. Group 2: Market Dynamics - Despite the reduction in down payment, the overall cost of purchasing commercial properties remains high due to elevated loan interest rates and other associated costs, which may limit its attractiveness to investors [5][7]. - The demand for residential properties is generally larger compared to commercial properties, which tend to have stable prices and rely more on rental income for returns, making them less appealing in comparison to residential investments [6]. Group 3: Investment Considerations - The current investment environment has shifted from capital appreciation to rental yield, making prime commercial properties in core urban areas more attractive [6]. - The reduction in down payment alone may not be sufficient to attract investors; further adjustments in loan terms, interest rates, and holding costs are necessary to enhance the appeal of commercial properties [7]. Group 4: Types of Commercial Properties - Commercial properties encompass a wide range of types, including shops, office buildings, apartments, and luxury residences, each with distinct market dynamics and investment potential [8][11][15][18]. - Community shops are considered lower risk due to their stable consumer base, while office buildings in Xi'an face high vacancy rates, making them less attractive for investment [9][12]. - The luxury segment, particularly in core urban areas, may benefit the most from the down payment reduction, as it allows business owners to allocate funds more effectively for higher returns [21][22].

《每日经济新闻》记者（以下简称"每经记者"）注意到，商业用房涵盖写字楼、公寓、商铺等业态，此前贷款首付款比例普遍为50%。随着此次政策的出 台，商铺作为商业用房领域的重要投资标的，自然成为投资者热议的焦点。 在深圳市场，不少商铺中介主推的商铺号称回报率普遍达4%~6%，部分带租约商铺更是宣称回报率可达8%。而据深圳贝壳研究院数据，2025年深圳住宅 租金回报率只有约1.7%，二者形成鲜明反差。 每经记者调研深圳福田、宝安等片区的商铺市场情况时，有商铺潜在投资者直言"门槛降了但不敢轻易下手"，商铺投资的核心考验并非凑齐首付，而是能 否扛住长期持有中的多重风险。 第一太平戴维斯深圳董事总经理吴睿向每经记者表示，此次商业地产贷款首付从50%降至30%，将对商业地产去化有一定促进作用，但对商业地产成交起 到更为关键作用的在于贷款利率及税率，政策要起到更好效果还需要有一揽子动作。 01 每经记者 陈荣浩 摄 2026年开年，商业地产市场便迎来重磅政策利好。 1月17日，中国人民银行、国家金融监督管理总局宣布，将商业用房（含"商住两用房"）购房贷款最低首付款比例调整为不低于30%。 高租金回报率背后 如果仅从租金回报率情 ...

2026年开年，商业地产市场便迎来重磅政策利好。 1月17日，中国人民银行、国家金融监督管理总局宣布，将商业用房（含"商住两用房"）购房贷款最低首付款比例调整为不低于30%。 | | 中国人民银行 THE PEOPLE'S BANK OF CHINA | | | | | | --- | --- | --- | --- | --- | --- | | 信息公开 | 新闻发布 | 法律法规 | 货币政策 | 宏观审慎 | 信贷政策 | | | 金融科技 | 人民币 | 经理国库 | 国际交往 | 人员招录 | | 服务互动 | 政务公开 | 政策解读 | 公告信息 | 图文直播 | 央行研究 | | | 网送文告 | 办事大厅 | 在线申报 | 下载中心 | 网上调查 | | | 2026年1月18日 星期日 我的位置:首页 > 沟通交流 新闻 | | | | | 图片来源：央行网站 《每日经济新闻》记者注意到，商业用房涵盖写字楼、公寓、商铺等业态，此前贷款首付款比例普遍为50%。随着此次政策的出台，商铺作为商业用房领域 的重要投资标的，自然成为投资者热议的焦点。 在深圳市场，不少商铺中介主推的商铺号称回报率普遍 ...

Core Viewpoint - The People's Bank of China and the National Financial Regulatory Administration have announced a nationwide adjustment to the minimum down payment ratio for commercial property loans, lowering it to no less than 30% to support a new model of real estate development and promote the destocking of commercial real estate [1][3]. Group 1: Policy Changes - The minimum down payment ratio for commercial property loans has been adjusted to 30%, significantly lowering the barrier for purchasing commercial properties [3][5]. - Prior to this adjustment, most cities had a minimum down payment requirement of 50%, with some banks setting it as high as 60% or more [3]. - The adjustment is seen as a direct response to the high inventory levels in the commercial real estate market, with a focus on enhancing market activity [3][4]. Group 2: Market Conditions - As of November 2025, there is an estimated 141 million square meters of commercial real estate available for sale nationwide, with 52 million square meters of office space included in this figure, indicating a significant oversupply [2]. - The average time for inventory turnover is reported to be around 30 months, with some areas experiencing turnover periods of 50 to 70 months, highlighting the urgency of destocking [4]. Group 3: Industry Expectations - There is a consensus in the industry regarding the need for further policy relaxation to address the high inventory levels and the challenges in selling existing commercial properties [4][6]. - Various cities are implementing supportive policies, such as allowing the conversion of existing commercial properties into rental housing and other uses, to stimulate market activity [4]. - The demand for loans related to long-term rental apartments and other commercial property investments is expected to increase as a result of the lowered down payment requirement [5].

Core Insights - The recent actions by the central bank, including interest rate cuts and reduced down payment requirements for commercial properties, reflect underlying anxieties within the decision-making body regarding market conditions [2][6][9] Interest Rate Changes - The central bank has officially lowered the re-lending and re-discount rates by 25 basis points, reducing the cost for commercial banks to borrow from the central bank [6] - This reduction is expected to create more room for the Loan Prime Rate (LPR) to decrease, potentially bringing Shenzhen's current mortgage rate of 3.05% down to 2.8% by the first quarter of 2026 [6] Commercial Property Market - The down payment ratio for commercial properties has been reduced from 50% to 30%, indicating severe inventory pressure in the commercial property market [6] - The liquidation cycle for commercial properties in Shanghai has reached an alarming 21 years, while Guangzhou is at 5 years, and Shenzhen is relatively healthier at just over 1 year [9] Investment Opportunities - Shenzhen's apartments and commercial properties have shown significant price reductions, with rental yields now averaging 4-5%, creating potential for arbitrage opportunities [9] - Investment institutions and individual investors are increasingly entering the Shenzhen market, indicating a shift in sentiment towards these assets [9] Housing Accessibility - The new policies also provide an opportunity for young professionals working in core areas to access affordable housing options without needing to commute long distances [10] - The strategy of "precise drip irrigation" in policy implementation aims to stabilize market expectations without inflating property prices excessively [10] Caution in Investment - Despite the favorable conditions, caution is advised in selecting properties, emphasizing the importance of location, infrastructure, and future potential [11] - The focus should be on acquiring high-quality assets in core areas rather than speculative investments in less desirable properties [11]