Fewer mortgages but project loans rise
Print Edition
BANKS in Shanghai lent fewer mortgages in the third quarter on coolness in the property market, but loans for real estate development rose this year, the Shanghai headquarters of the People’s Bank of China said in a statement yesterday.
The mortgages in the city rose by 10.3 billion yuan (US$1.68 billion) in the third quarter, 8.58 billion yuan below the third quarter’s level last year and half of that in the second quarter, according to the Shanghai headquarters.
“Home mortgages have been growing slower in the second half this year due to lower transactions (and) strong expectations for prices to fall,” the statement said.
In September, new mortgages rose by 2.69 billion yuan, down 1.52 billion yuan from August and 2.78 billion yuan less than September last year.
The data echoed the cooling home sales which fell 19.5 percent year on year by area in the first eight months this year, said the Shanghai Statistics Bureau.
New loans for land and real estate projects hit 61.06 billion yuan in the first three quarters, up 27.96 billion yuan from the same period last year, the Shanghai headquarters said.
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