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Mortgages drop for 1st time in August
By Zhang Fengming |
September 14, 2010, Tuesday
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Print Edition
Print Edition
HOME loans in Shanghai dropped for the first time this year in August as buyers adopted a wait-and-see attitude right until July due to the tight credit policies introduced by the central government.
Last month, individual mortgages fell 1.06 billion yuan (US$238 million) in the city against a rise of 17.3 billion yuan a year ago, the Shanghai headquarters of the People's Bank of China said yesterday.
By breakdown, new home loans lost 510 million yuan while second-home loans tumbled 550 million yuan.
Mortgages grew until July although the growth in the loans has slowed since April as the central bank tightened home policies, including requiring at least a 50 percent down payment and a 10 percent premium on interest rates on second mortgages.
But the mortgage data lag behind home transaction activities as it needs about one month to get the full picture. So though home transactions rebounded in August in Shanghai, they wouldn't be reflected until the September credit data was posted.
New home sales recovered notably in Shanghai last month with both volume and price climbing.
Sales of new homes, excluding those designated for relocated residents under urban redevelopment plans, jumped 70 percent to 730,000 square meters in August, the highest in four months, said Shanghai Uwin Real Estate Information Services Co.
Meanwhile auto loans continued to propel as more Chinese are buying cars. Auto loans rose to 2.1 billion yuan in August, up 1.1 billion yuan from a year ago.
In total, banks in Shanghai lent 37.1 billion yuan of loans, down 2.85 billion yuan from a year ago.
Last month, individual mortgages fell 1.06 billion yuan (US$238 million) in the city against a rise of 17.3 billion yuan a year ago, the Shanghai headquarters of the People's Bank of China said yesterday.
By breakdown, new home loans lost 510 million yuan while second-home loans tumbled 550 million yuan.
Mortgages grew until July although the growth in the loans has slowed since April as the central bank tightened home policies, including requiring at least a 50 percent down payment and a 10 percent premium on interest rates on second mortgages.
But the mortgage data lag behind home transaction activities as it needs about one month to get the full picture. So though home transactions rebounded in August in Shanghai, they wouldn't be reflected until the September credit data was posted.
New home sales recovered notably in Shanghai last month with both volume and price climbing.
Sales of new homes, excluding those designated for relocated residents under urban redevelopment plans, jumped 70 percent to 730,000 square meters in August, the highest in four months, said Shanghai Uwin Real Estate Information Services Co.
Meanwhile auto loans continued to propel as more Chinese are buying cars. Auto loans rose to 2.1 billion yuan in August, up 1.1 billion yuan from a year ago.
In total, banks in Shanghai lent 37.1 billion yuan of loans, down 2.85 billion yuan from a year ago.
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