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Home loans grow fast in Shanghai
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SHANGHAI’S home mortgages grew rapidly in December as a recovery in the fourth quarter continued as more home buyers apply for loans.
New yuan mortgages totaled 7.02 billion yuan (US$1.13 billion) in December, up 3.52 billion yuan from November and 2.03 billion yuan from December 2013, the Shanghai headquarters of the People’s Bank of China said in a statement yesterday.
“Banks have accelerated extending mortgages in the fourth quarter,” the statement said.
The Shanghai headquarters attributed last month’ growth in mortgages to lower interest rates and housing loans made easier by a relaxation in regulations implemented in November.
Home sales in Shanghai fell 20 percent year on year in terms of area in the third quarter, the city’s statistics bureau reported. For 2014, total new mortgages came to 59.76 billion yuan, 19.21 billion yuan below the figure in 2013, the statement said. But lending to real estate developers in 2014 more than doubled from the previous year to 82.93 billion yuan.
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