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China's new home loans plunge by 770b yuan in 2011
By Wang Yanlin |
January 30, 2012, Monday
|
Online Edition
Online Edition
CHINA'S cooling property market had slowed the growth of housing loans last year, while the overall bank lending also moderated under tight monetary controls, the central bank said today.
Banks in China extended 1.26 trillion yuan (US$200 billion) of new property loans in 2011, down 770.4 billion yuan from a year earlier.
Total outstanding loans of real estate thus amounted to 10.7 trillion yuan by the end of December, an increase of 13.9 percent as compared with 27.4 percent in 2010.
"Property loan growth weakened last year due to restrictive policies in the real estate industry, the central bank said in a report.
China introduced the toughest-ever policies against property speculation last year to tame inflated home prices. The policies have proven effective.
According to the National Bureau of Statistics, housing prices fell in 52 of the 70 cities tracked by the bureau in December, compared with 49 in November, 34 in October and 17 in September.
In Shanghai, Beijing, Guangzhou and Shenzhen where home purchase restrictions are rigorously enforced, new home prices fell by 0.2 percent to 0.5 percent from a month earlier in December.
China's total new yuan loans stood at 7.47 trillion yuan in 2011, 390.1 billion yuan less than a year earlier.
Banks in China extended 1.26 trillion yuan (US$200 billion) of new property loans in 2011, down 770.4 billion yuan from a year earlier.
Total outstanding loans of real estate thus amounted to 10.7 trillion yuan by the end of December, an increase of 13.9 percent as compared with 27.4 percent in 2010.
"Property loan growth weakened last year due to restrictive policies in the real estate industry, the central bank said in a report.
China introduced the toughest-ever policies against property speculation last year to tame inflated home prices. The policies have proven effective.
According to the National Bureau of Statistics, housing prices fell in 52 of the 70 cities tracked by the bureau in December, compared with 49 in November, 34 in October and 17 in September.
In Shanghai, Beijing, Guangzhou and Shenzhen where home purchase restrictions are rigorously enforced, new home prices fell by 0.2 percent to 0.5 percent from a month earlier in December.
China's total new yuan loans stood at 7.47 trillion yuan in 2011, 390.1 billion yuan less than a year earlier.
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