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October 16, 2009

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Mortgages take up 50% of new loans

MORTGAGE loans accounted for half of the new yuan lending in Shanghai in September as home buyers bought property on fears that prices may rise further.

Chinese banks granted 13.8 billion yuan (US$2 billion) in new individual mortgage loans last month in the city, the Shanghai headquarters of the People's Bank of China, the central bank, said yesterday.

The new mortgage loans were 14.3 billion yuan more than the year ago level as such lending lost steam then on a lackluster real estate market.

Home prices in Shanghai and 69 other major cities in China continued to rise on a monthly basis for seven months, although the increase narrowed. As a result, mortgage loans have driven up new yuan lending in Shanghai for months since the real estate market rebounded in March.

Meanwhile, household savings surged in September as investors took capital out of the equity markets ahead of the National Day holiday.

Household savings rose by 68.9 billion yuan last month, up 31.4 billion yuan compared with a year ago.

The return of funds, which were taken out to bid for initial public offerings, also helped to boost savings, the central bank said.


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