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Recovery lifts home loans to 3-year high
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HOME mortgages grew to a three-year high in Shanghai in September as the residential market continued to recover, data from the Shanghai headquarters of the People’s Bank of China showed yesterday.
Banks in Shanghai lent 21.89 billion yuan (US$3.45 billion) of new yuan mortgages last month, more than 10 times the amount in the same month of last year and up 1 billion yuan from August, the PBOC said.
It is the highest level that mortgages have reached in three years while the amount has risen monthly in the third quarter, the statement said.
The growth in the mortgages was in line with strengthening home sales since the second quarter of this year.
Data from the Shanghai Statistics Bureau showed home sales from January to August rose 18.8 percent from a year ago, rebounding from a sharp 20 percent drop in January and February.
The mortgage rise is the latest proof of Shanghai’s real estate market’s well-being.
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