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December 15, 2009

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Shanghai's new mortgages up

SHANGHAI posted a rise in new individual mortgage loans in November as home buyers rushed to buy homes to take advantage of a preferential policy, the Shanghai headquarters of the central bank said yesterday.

New individual mortgages grew by 10.74 billion yuan (US$1.57 billion) in November, while they fell 124 million yuan a year ago, the Shanghai headquarters of the People's Bank of China said yesterday. There was an increase of 158 million yuan in mortgage loans in November compared with October's.

Mortgage loans were the main contributor to the new loan total last month in Shanghai. Total loans rose 14.28 billion yuan last month, up 3.59 billion yuan from a year earlier.

In 2010, China will resume the 5.5 percent business tax on second homes bought within five years. China eased the time requirement to two years this year to shore up the market amid the financial crisis. However, with rising property prices, the tighter requirement would be resumed next year, driving home buyers to accelerate their purchases to enjoy the soon-to-end looser preferential policy.

China's urban housing prices rose in November by the most in 16 months as buyer sentiment remained strong despite home becoming more costly. Housing prices in 70 major cities jumped 5.7 percent last month from a year ago.

Household savings shrank 16.68 billion yuan last month against a rise of 28.03 billion yuan a year ago.


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