Firm steps slow growth of realty loans
By Zhang Fengming |
April 29, 2011, Friday
|
Print Edition
Print Edition
PROPERTY development loans and personal mortgages grew slower in the first quarter as the Chinese government continued to rein in the housing market, central bank data showed yesterday.
The outstanding value of property development loans rose to 167.8 billion yuan (US$26 billion) at the end of March, up an annual 17 percent. But the growth was 6.5 percentage points lower than that at the end of last year, the People's Bank of China said on its website yesterday.
Banks extended 509.5 billion yuan of total real estate loans, down 333.8 billion yuan from a year ago. The credit included loans to developers and home buyers and securitized loans related to the property market.
In the period, banks granted 341.6 billion yuan of mortgages to home buyers. The outstanding mortgages grew 23.2 percent, but the pace was 6.3 percentage points slower than that at the start of this year or a drop of 0.9 percentage point from February's, the central bank said.
China is maintaining its firm measures to curb soaring housing prices, which include banning loans to buy third homes and increasing the down payment on second homes to 60 percent from 50 percent.
In the first three months, banks in China extended 2.39 trillion yuan worth of yuan- and foreign currency-denominated loans.
Loans for infrastructure construction and to small- and medium-sized enterprises grew in the period.
The outstanding value of property development loans rose to 167.8 billion yuan (US$26 billion) at the end of March, up an annual 17 percent. But the growth was 6.5 percentage points lower than that at the end of last year, the People's Bank of China said on its website yesterday.
Banks extended 509.5 billion yuan of total real estate loans, down 333.8 billion yuan from a year ago. The credit included loans to developers and home buyers and securitized loans related to the property market.
In the period, banks granted 341.6 billion yuan of mortgages to home buyers. The outstanding mortgages grew 23.2 percent, but the pace was 6.3 percentage points slower than that at the start of this year or a drop of 0.9 percentage point from February's, the central bank said.
China is maintaining its firm measures to curb soaring housing prices, which include banning loans to buy third homes and increasing the down payment on second homes to 60 percent from 50 percent.
In the first three months, banks in China extended 2.39 trillion yuan worth of yuan- and foreign currency-denominated loans.
Loans for infrastructure construction and to small- and medium-sized enterprises grew in the period.
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