Voutilainen, Ville - 2025 - This version: December 9, 2025
The commercial real estate (CRE) market is an important source of financial stability risks, yet ownership structures … owners of CRE firms. We document that government entities are the most important ultimate owners, holding about 10% of the … sector's balance sheet. We show that government ownership predicts lower interest rate spreads on CRE bank loans, consistent …