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Jump in mortgage points to rebound in real estate
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MORTGAGE growth in Shanghai accelerated in June, confirming a rebound in the home market, according to data released by the Shanghai headquarters of the People’s Bank of China yesterday.
Banks in Shanghai extended 11.34 billion yuan (US$1.83 billion) new yuan mortgages in June, nearly double from last year, the central bank said. The new lending last month was a quarter of the total in the first half of this year.
The numbers were in line with a strong home sales growth in May.
Data from the Shanghai Statistics Bureau showed home sales from January to May rose 3 percent from a year ago, reversing a decline of 8 percent recorded for the first four months of this year.
Mortgages are an lagged indicator of home sales as it usually takes banks a month or two to approve loans.
It is the latest evidence that the government’s measures to boost the real estate market has taken effect. On March 31, China allowed second-home buyers to borrow more from banks to spur demand in the housing market.
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