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New mortgages fall on cooling market
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NEW home loans in Shanghai fell for the second month in July in tandem with a cooling housing market, the Shanghai headquarters of the People’s Bank of China said in a statement yesterday.
Banks in Shanghai lent 3.4 billion yuan (US$552 million) in mortgages to individuals in July, down 1.57 billion yuan from June and 4.8 billion yuan less than the same month of last year, the statement said.
“Declines are continuing in home mortgages as property transactions have been sluggish recently,” it said.
The decline was also attributed to a cooling home market in Shanghai in the first half as sales of both new homes and pre-occupied dwellings nearly halved from last year in terms of area, according to the city’s statistics bureau.
Meanwhile, banks in the city hiked financing for commercial property development activities as lending rose to 6.61 billion yuan in July, almost equal to the loans extended in the first half, the statement said.
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