China sees steady growth of prop­erty loans

The Pak Banker - - BUSINESS -

BEI­JING: Loans to China's real es­tate sec­tor con­tin­ued to rise at a steady pace as the hous­ing mar­ket grad­u­ally warmed up, data from the cen­tral bank showed Fri­day. By the end of last month, fi­nan­cial in­sti­tu­tions in China had lent 21 tril­lion yuan ($3.2 tril­lion) to the prop­erty sec­tor, up 21 per­cent year on year, ac­cord­ing to a re­port from the Peo­ple's Bank of China (PBOC). The growth was 2.1 per­cent­age points faster than the rate at the end of 2014, ac­cord­ing to the re­port. Out­stand­ing loans for real es­tate de­vel­op­ment amounted to 6.56 tril­lion yuan as of the end of 2015, while loans for in­di­vid­ual pur­chases jumped 23.2 per­cent to 14.18 tril­lion yuan, up 5.7 per­cent­age points from the end of 2014. The data came as China's slug­gish hous­ing mar­ket started to pick up on the back of a string of govern­ment sup­port poli­cies. Of the 70 large and medium-sized cities sur­veyed in De­cem­ber, new home prices climbed month on month in 39, up from 33 in the pre­vi­ous month, of­fi­cial data showed.

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