We believe the adjustments in real estate policies since August have arrived just in time to prevent housing sales from declining further. Following the Politburo meeting at the end of July that highlighted the major changes in supply and demand dynamics in China’s property market, a slew of measures was rolled out to adjust and optimize real estate policies, including a cut to the floor of down payment ratio on first- and second-home purchases, relaxed standards for identifying first-home mortgages across first-tier cities, and lower interest rates on existing mortgages. In our view, the implementation of such policies would unleash part of the pent-up demand from first-home buyers. September to date, new house and pre-owned home transactions in Beijing and Shanghai have increased considerably.

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• 各地政策规划和资金落实情况显示，今年城中村改造进度明显加快，反映出地方政府和金融机构对中央政策的有效执行，为政策见效奠定了坚实基础。
• 与2015-2016年棚改货币化相比，本轮城中村改造货币化安置呈现三大特征：以高能级城市为主要支撑、房票制度广泛应用、资金来源更加多元化。
• 城中村改造及城市更新对商品房销售的提振效果主要取决于货币化安置力度，其他形式的改造更新（如安置房建设、旧房修缮等）对商品房销售的直接影响相对有限。货币化安置比例与房票政策效果尤为关键，整体实施进展尚需观察。
• 相较上一轮棚改货币化，当前的宏观环境和需求基本面已发生较大改变。城中村改造货币化安置是稳定房地产市场的重要政策工具，但要实现行业全面企稳仍需多措并举。

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北京，2025年6月18日—标普信评宣布，已评定“兴瑞2025年第六期不良资产支持证券”项下优先档资产支持证券（以下简称“优先档证券”）的信用等级为AAAspc(sf)。该交易由兴业银行股份有限公司发起。

信用等级列表：  

优先档证券：AAA_spc(sf)  

相关方法：  

标普信用评级（中国）— 结构融资评级方法论  

相关评论与研究：  

标普信用评级（中国）个人消费贷款资产支持证券分析方法

中国不良资产支持证券市场多维度观察2025版

传媒联络人：

雷文静，北京；(86)10-6569-2961；michelle.lei@spgchinaratings.cn

分析师：

李佳蓉，北京；jiarong.li@spgchinaratings.cn

李开颜，北京；kaye.li@spgchinaratings.cn

On June 17,2025, S&P Global (China) Ratings published its latest credit rating report on Zhejiang China Commodities City Group Co., Ltd. Please click the link below to read the PDF.

On June 17,2025, S&P Global (China) Ratings published its latest credit rating report on Yiwu China Commodities City Holdings Limited. Please click the link below to read the PDF.