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Mortgages drop from 3-year high
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NEW mortgages in Shanghai fell last month from a three-year high in January as sales of new homes have cooled since October.
Banks extended 5.69 billion yuan (US$925 million) of mortgages in February, a drop of more than 50 percent from January’s 11.67 billion yuan, the Shanghai headquarters of the People’s Bank of China said in a statement yesterday. But the mortgages were still 2.12 billion yuan more than February’s figure last year.
The decline was in line with a drop in new home sales since October. Mortgages are a lagging indicator of home sales as banks usually take three months to approve applications.
The purchases of new homes, excluding government-funded affordable housing, totaled 1.29 million square meters in November in Shanghai, Deovolente Realty Co said.
The sales fell 8 percent from October but were still 31 percent higher than November 2012, the real estate agency said.
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