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February mortgage growth remains high
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HOME mortgage growth in Shanghai stayed high in February with banks lending 20.96 billion yuan (US$3.2 billion) last month to home buyers.
The figure was nearly four times the same period last year, the central bank’s Shanghai office said yesterday. The reading however was below January’s seasonal peak of 34.64 billion yuan as banks usually renew their lending quota at the beginning of the year.
The mortgage is a lagged indicator of the home market as it usually takes banks two or three months to grant a loan, especially at the end of a year.
Shanghai Homelink Real Estate Agency said 1.495 million square meters of new homes were sold last month, a year-on-year increase of 43.8 percent. In the pre-owned home market, Shanghai Centaline Property Consultants Ltd said 37,400 units changed hands, rising 17.5 percent from a month earlier.
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