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Home mortgages drop in Shanghai as property market cools
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BANKS in Shanghai extended less home mortgage in the third quarter due to a cooling property market, but lending to real estate development activities picked up, the local headquarters of the Chinese central bank said.
The city’s home mortgages increased by 10.3 billion yuan (US$1.67 billion) in the third quarter, 8.58 billion yuan less than the third quarter last year and 11.68 billion yuan less than the second quarter of this year, the Shanghai headquarters of the People’s Bank of China said in a statement today.
“Home mortgages have been growing slower in the second half due to cooler transactions, strong expectations for prices to fall and an increasing pay-back of the loans,” the statement said.
Meanwhile, new lending to land and real estate development was 61.06 billion yuan in the first three quarters this year, 27.96 billion yuan more than the same period last year.
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