截至2025年11月，至少23家金融机构开始抛售不良贷款抵押物，累计出售或挂牌约7万套房产，规模已超过上海全市2024年新房成交量（约5.9万套）。出售主体包括区域性农商行与小型机构，也涉及农行与建行两家国有大行。四川农信一地就挂牌约2.5万套，吉林银行与兰州银行分别处置约2,000与1,750套。部分单位以低于市场价五折的水平出售，如黑龙江某机构以周边行情五折拍出105平方米住房，折价销售进一步压低本已疲弱的房价。

官方数据显示商业银行不良率约1.5%，但分析人士认为真实水平被低估，日本综合研究所测算2024年底潜在不良率达7.8%。银行加速核销不良资产，2024年不良处置规模达3.8万亿元人民币，同比增三成，并连续五年突破3万亿元。随着房价下跌、地方财政紧缩、企业融资需求疲弱，银行通过甩卖抵押物回收现金，用于覆盖不良贷款损失。

房地产市场持续下探，70城新房价格10月环比下降0.5%，为一年最大跌幅；土地出让收入自2021年高点累计下滑60%，开发商现金紧张导致开工不足，使地方政府融资更趋困难。银行集中甩卖抵押房产可能加速价格下滑并放大地方政府融资平台“隐性债务”风险。政策层面正讨论通过补贴首套房按揭利息、扩大个税抵扣等方式托底购房需求，但能否遏制下行尚不确定。

By November 2025, at least 23 financial institutions had begun liquidating collateral, selling or listing roughly 70,000 properties—exceeding Shanghai’s 2024 new-home sales of about 59,000 units. Regional rural banks dominate the disposals, but Agricultural Bank of China and China Construction Bank are also involved. Sichuan Rural Commercial Union Bank alone listed about 25,000 units; Bank of Jilin and Bank of Lanzhou offered about 2,000 and 1,750 units. Discounts are steep: one Heilongjiang institution sold a 105-square-meter home at roughly half the area’s market price, adding downward pressure to already weak housing values.

Official NPL ratios hover near 1.5%, but analysts argue they understate reality; Japan Research Institute estimates a potential 7.8% NPL ratio for end-2024. Banks have accelerated write-offs, disposing of 3.8 trillion yuan in bad assets in 2024, up nearly 30% year-on-year and above 3 trillion yuan for the fifth consecutive year. Weak growth, shrinking local-government finances, and soft corporate credit demand have pushed banks to sell collateral to raise cash for NPL coverage.

Housing prices continue to fall: new-home prices across 70 major cities dropped 0.5% month-on-month in October, the biggest decline in a year. Land-sale revenue has fallen 60% from its 2021 peak, constraining developers and local governments simultaneously. Collateral liquidations risk deepening the slump and worsening local-government financing-vehicle debt stress. Proposed supports include mortgage-interest subsidies for first-time buyers and expanded tax rebates, though their ability to stabilize the market remains uncertain.