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Home sales spur rise in mortgages
By Xiao Feng |
September 15, 2012, Saturday
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Print Edition
Print Edition
A REBOUND in property sales has ensured that new home loans in Shanghai expanded quicker last month, the Chinese central bank's Shanghai headquarters said yesterday.
In August new mortgages rose to 3.49 billion yuan (US$551 million), up 1.68 billion yuan from July and was 1.72 billion yuan higher than the same month last year, a report issued by the local headquarters of the People's Bank of China said.
The sales of new homes in the city in recent months have more than doubled from the start of the year on growing demand from home buyers as well interest rate cuts.
In July 858,900 square meters of new homes, excluding government-funded affordable housing, were sold. In June 1.02 million square meters were sold and 858,900 square meters were transacted in May. The sales were all above the January-July average of around 615,000 square meters.
In August new mortgages rose to 3.49 billion yuan (US$551 million), up 1.68 billion yuan from July and was 1.72 billion yuan higher than the same month last year, a report issued by the local headquarters of the People's Bank of China said.
The sales of new homes in the city in recent months have more than doubled from the start of the year on growing demand from home buyers as well interest rate cuts.
In July 858,900 square meters of new homes, excluding government-funded affordable housing, were sold. In June 1.02 million square meters were sold and 858,900 square meters were transacted in May. The sales were all above the January-July average of around 615,000 square meters.
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