New home sales spur rise in mortgages
By Hu Xiaocen |
March 19, 2013, Tuesday
|
Print Edition
Print Edition
NEW housing loans in Shanghai continued to rise annually last month after hitting a record high in almost two years in January on new home sales .
New lending to homebuyers totaled 3.58 billion yuan (US$570 million) in February, 5.56 billion yuan more compared with the same period a year ago, the Shanghai headquarters of the People's Bank of China said in a statement yesterday. In February 2012 net new mortgages were negative as repayments had outpaced new loans during that month.
However, on monthly basis, new mortgages slid 2.09 billion yuan last month from January's 5.67 billion yuan, which was the highest in nearly two years.
New home sales continued to rise in Shanghai this month after the market rebounded from the second half of last year. The sales of new homes, excluding government-subsidized affordable housing, jumped to a 36-week high in the first week this month, according to Shanghai Deovolente Realty Co.
Yesterday Qu Hongbin, chief economist for China at HSBC Holdings Plc, said: "The government may increase borrowing costs for home buyers by adjusting the amount of initial payment" instead of tightening monetary policies to rein in property prices.
New lending to homebuyers totaled 3.58 billion yuan (US$570 million) in February, 5.56 billion yuan more compared with the same period a year ago, the Shanghai headquarters of the People's Bank of China said in a statement yesterday. In February 2012 net new mortgages were negative as repayments had outpaced new loans during that month.
However, on monthly basis, new mortgages slid 2.09 billion yuan last month from January's 5.67 billion yuan, which was the highest in nearly two years.
New home sales continued to rise in Shanghai this month after the market rebounded from the second half of last year. The sales of new homes, excluding government-subsidized affordable housing, jumped to a 36-week high in the first week this month, according to Shanghai Deovolente Realty Co.
Yesterday Qu Hongbin, chief economist for China at HSBC Holdings Plc, said: "The government may increase borrowing costs for home buyers by adjusting the amount of initial payment" instead of tightening monetary policies to rein in property prices.
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