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Housing loans fall US$106m
By Zhang Fengming |
June 16, 2011, Thursday
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Print Edition
Print Edition
HOUSING loans in Shanghai dropped in May for the first time since October as curbs on the housing market take effect, the People's Bank of China said yesterday.
The balance of home mortgage loans shrank 690 million yuan (US$106 million) at the end of May from a month earlier, the Shanghai headquarters of the People's Bank of China said in a monthly monetary report yesterday.
Individual mortgages gained 2.1 billion yuan in April.
"The drop in first-hand home loans was the main reason for the decrease," the central bank said.
New home loans declined 920 million yuan, while mortgages on existing homes rose 230 million yuan last month.
It can take banks more than a month to extend a mortgage once an application is submitted, meaning the mortgage data is a lagging indicator of the housing market.
Sales of new homes, excluding those built under the city's affordable housing programs, rose 29.8 percent to 831,000 square meters last month compared with April, according to Shanghai Uwin Real Estate Information Services Co. It was lower than April's 55.7 percent growth and March's 131 percent rise.
The government launched its toughest measures to curb speculation in the home market in January.
The balance of home mortgage loans shrank 690 million yuan (US$106 million) at the end of May from a month earlier, the Shanghai headquarters of the People's Bank of China said in a monthly monetary report yesterday.
Individual mortgages gained 2.1 billion yuan in April.
"The drop in first-hand home loans was the main reason for the decrease," the central bank said.
New home loans declined 920 million yuan, while mortgages on existing homes rose 230 million yuan last month.
It can take banks more than a month to extend a mortgage once an application is submitted, meaning the mortgage data is a lagging indicator of the housing market.
Sales of new homes, excluding those built under the city's affordable housing programs, rose 29.8 percent to 831,000 square meters last month compared with April, according to Shanghai Uwin Real Estate Information Services Co. It was lower than April's 55.7 percent growth and March's 131 percent rise.
The government launched its toughest measures to curb speculation in the home market in January.
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