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Rebound in home market boosts lending
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GROWTH of loans extended to real estate developers and individual home buyers accelerated last year as the property market recovered, central bank data showed yesterday.
Outstanding loans for real estate development, including land and housing, rose 21 percent from a year ago to 21.01 trillion yuan (US$3.2 trillion) at the end of last year, the People’s Bank of China said yesterday. The increase was 2.1 percentage points faster than 2014.
New loans to the sector amounted to 3.59 trillion yuan last year, 843.4 billion yuan more than in 2014, the data showed.
New home mortgages reached 2.66 trillion yuan last year, up 936.8 billion yuan from 2014.
Lending rose amid a recovery in the housing market last year as price increase accelerated.
Prices of new homes rose 7.7 percent year on year last month compared with an increase of 6.5 percent in November. Prices of pre-owned homes gained 7.6 percent in December while they rose 6.2 percent the previous month.
But the price rise was mainly in first-tier cities while prices declined year on year in smaller cities.
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