涵盖自营、合作与独立运营等三种模式的“首付贷”无疑在降低刚需人群购房门槛和化解房地产库存压力方面发挥了作用,但同时也成倍放大了杠杆风险,加剧了楼市的投机氛围,并事实上成为了一线城市房价暴涨的重要推手。同时,这种类似A股市场的场外配资,也最终会让商业银行成为风险的接盘者。 The “down payment loan”, which covers three modes of self-operation, cooperation and independent operation, has undoubtedly played a role in reducing the threshold of housing purchase and resolving real estate inventory, but at the same time magnified the leverage risk and exacerbated the property market Speculative atmosphere, and in fact has become an important promoter of soaring housing prices in first-tier cities. At the same time, such an A-share market over-the-counter funding will eventually make commercial banks risk takers.