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Increase In Mortgages Follows Recovery
By Zhang Fengming |
April 16, 2011, Saturday
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Print Edition
Print Edition
MORTGAGES in Shanghai rose in March after an earlier rebound in home sales, the central bank said yesterday.
Banks in Shanghai extended 4.63 billion yuan (US$712 million) in mortgages last month as demand for homes recovered, up 1.73 billion yuan from February, the Shanghai headquarters of the People's Bank of China said.
March home loans were 530 million yuan less than a year earlier.
The increase in home loans lags behind the recovery in home sales in the city as it takes about a month for banks to extend credit on home transaction. As banks tighten home loans in accordance with state calls, it can take longer for banks to extend home credit.
Rising interest rates are making it more attractive to save. Households put an extra 123.8 billion yuan in their deposit accounts in the first quarter, an increase of 105.5 billion yuan from a year ago.
China has raised interest rates four times since October. The one-year benchmark savings rate now sits at 3.25 percent.
Banks in Shanghai extended 4.63 billion yuan (US$712 million) in mortgages last month as demand for homes recovered, up 1.73 billion yuan from February, the Shanghai headquarters of the People's Bank of China said.
March home loans were 530 million yuan less than a year earlier.
The increase in home loans lags behind the recovery in home sales in the city as it takes about a month for banks to extend credit on home transaction. As banks tighten home loans in accordance with state calls, it can take longer for banks to extend home credit.
Rising interest rates are making it more attractive to save. Households put an extra 123.8 billion yuan in their deposit accounts in the first quarter, an increase of 105.5 billion yuan from a year ago.
China has raised interest rates four times since October. The one-year benchmark savings rate now sits at 3.25 percent.
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