Property loan growth gathers pace in Q2
By Feng Jianmin |
July 20, 2012, Friday
|
Print Edition
Print Edition
PROPERTY loans in China saw a slight pick-up in growth in the second quarter of this year as the property market showed signs of recovery, the central bank said yesterday.
Outstanding property loans at all banks in China grew to 11.32 trillion yuan (US$1.776 trillion) at the end of June, up 10.3 percent from a year ago, the People's Bank of China said on its website. The increase was up 0.2 percentage point from the annual growth rate at the end of March.
Of the property loans, lending for property and land development speeded up in the second quarter while growth in individual mortgage slowed down, the data showed.
In the past quarter, property loans accounted for 12.3 percent of the total new loans, up 2 percentage points from the first quarter, the central bank said.
For the first six months, banks extended 565.3 billion yuan of property loans, compared with 792.4 billion yuan a year earlier.
The increase in lending in the second quarter coincides with a warming-up property market especially after the central bank launched interest rate cuts in June, lowering borrowing costs.
In June, new homes worth 531.3 billion yuan were sold across the country, an increase of 41 percent from May, based on monthly data released by the National Bureau of Statistics. The number of Chinese cities seeing a month-on-month increase in home prices rose to its highest in 11 months in June, the bureau said, with 25 of the 70 cities tracked recording a monthly gain. In May, six cities reported a price rise.
Economists said the central bank's two interest rate cuts since June may channel more lending to property developers amid efforts to boost economic growth.
But Premier Wen Jiabao has been firm on maintaining the tight property control measures, including limiting fundraising by developers and cracking down on property speculation, to tame home prices.
Outstanding property loans at all banks in China grew to 11.32 trillion yuan (US$1.776 trillion) at the end of June, up 10.3 percent from a year ago, the People's Bank of China said on its website. The increase was up 0.2 percentage point from the annual growth rate at the end of March.
Of the property loans, lending for property and land development speeded up in the second quarter while growth in individual mortgage slowed down, the data showed.
In the past quarter, property loans accounted for 12.3 percent of the total new loans, up 2 percentage points from the first quarter, the central bank said.
For the first six months, banks extended 565.3 billion yuan of property loans, compared with 792.4 billion yuan a year earlier.
The increase in lending in the second quarter coincides with a warming-up property market especially after the central bank launched interest rate cuts in June, lowering borrowing costs.
In June, new homes worth 531.3 billion yuan were sold across the country, an increase of 41 percent from May, based on monthly data released by the National Bureau of Statistics. The number of Chinese cities seeing a month-on-month increase in home prices rose to its highest in 11 months in June, the bureau said, with 25 of the 70 cities tracked recording a monthly gain. In May, six cities reported a price rise.
Economists said the central bank's two interest rate cuts since June may channel more lending to property developers amid efforts to boost economic growth.
But Premier Wen Jiabao has been firm on maintaining the tight property control measures, including limiting fundraising by developers and cracking down on property speculation, to tame home prices.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
