Mortgages down as buyers stay cautious
By Zhang Fengming |
April 15, 2010, Thursday
|
Print Edition
Print Edition
THE number of new individual mortgages kept falling in Shanghai in March as home buyers sat on the sidelines and lenders tightened credit.
Banks in the city extended 5.15 billion yuan (US$754 million) of individual mortgages, a drop of 2.71 billion yuan from February, the Shanghai headquarters of the People's Bank of China said yesterday.
"Individual mortgages fell because of fewer transactions and tighter mortgage policy," the bank said.
After a rampant buying bonanza in the second half of 2009, home buyers chose to wait this year as the central government stepped up efforts to cool the bullish real estate market. It rolled out several measures, including higher taxes and stricter mortgage policies. Banks raised interest rates, down payments and credit worthiness criteria at the urging of the government.
Home transactions dropped but property prices kept rising, though at a slower pace compared with the soaring momentum in late 2009.
Auto loans also boomed on China's sizzling auto sales as the economic scene improved in the first quarter.
Banks in Shanghai extended 3.17 billion yuan of auto loans in the first quarter, up 2.32 billion yuan than a year ago. They also extended 33.4 billion yuan of new yuan loans in March, compared with 101 billion a year earlier.
Deposits in Shanghai also decreased last month with more new share issues in the pipeline.
Household savings dropped by 40 billion yuan last month, compared with a rise of 28 billion yuan a year ago.
Banks in the city extended 5.15 billion yuan (US$754 million) of individual mortgages, a drop of 2.71 billion yuan from February, the Shanghai headquarters of the People's Bank of China said yesterday.
"Individual mortgages fell because of fewer transactions and tighter mortgage policy," the bank said.
After a rampant buying bonanza in the second half of 2009, home buyers chose to wait this year as the central government stepped up efforts to cool the bullish real estate market. It rolled out several measures, including higher taxes and stricter mortgage policies. Banks raised interest rates, down payments and credit worthiness criteria at the urging of the government.
Home transactions dropped but property prices kept rising, though at a slower pace compared with the soaring momentum in late 2009.
Auto loans also boomed on China's sizzling auto sales as the economic scene improved in the first quarter.
Banks in Shanghai extended 3.17 billion yuan of auto loans in the first quarter, up 2.32 billion yuan than a year ago. They also extended 33.4 billion yuan of new yuan loans in March, compared with 101 billion a year earlier.
Deposits in Shanghai also decreased last month with more new share issues in the pipeline.
Household savings dropped by 40 billion yuan last month, compared with a rise of 28 billion yuan a year ago.
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