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August 17, 2016

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Curbs cause mortgages to decline again

NEW home loans in Shanghai fell for a second month in July after the government acted to curb soaring housing prices in the city, the Shanghai headquarters of the People’s Bank of China said in a statement yesterday.

Banks in Shanghai lent 25.5 billion yuan (US$3.9 billion) in mortgages to individuals last month, down 10.3 billion yuan from June, said a statement on the central bank’s website. However, mortgages last month still rose 12.3 billion yuan from the same period last year, the statement said.

“Home loans have been declining for two straight months in a sign that government policies to cool the housing market have taken effect,” the statement said.

Over the past few months Shanghai has unveiled policies to curb the city’s overheated property market, including tighter restriction for non-local buyers and raising the down payment for certain second-time buyers.

Total loans to land and property developers fell 22.4 billion yuan last month, narrowing from a drop of 48.9 billion yuan in June. Loans for affordable housing development surged by 320 million yuan last month.


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