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Shanghai鈥檚 new housing loans soar in July
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New lending to housing developers and homebuyers both surged in Shanghai last month on an annual basis, signaling a pickup in momentum in the Chinese property market, according to the central bank.
New housing development loans in Shanghai amounted to 4.7 billion yuan (US$764 million) in July, a significant rebound of 5.6 billion yuan from a year earlier when the figure was negative, the Shanghai Head Office of the People’s Bank of China said in a statement released yesterday.
The city’s housing loans rose for the sixth consecutive month in July on an annual basis due to rising market sentiment and growing individual demand.
New mortgages totaled 8.2 billion yuan in July, 6.4 billion yuan more than a year ago but 430 million yuan lower than June’s, the statement said.
The monthly average of new mortgages was around 6.4 billion yuan during the first half of this year, according to official data.
Home prices in China’s major cities continued to gain in July due to unabated demand from first-time buyers and rising momentum in the land market. The monthly new home prices in 12 cities grew more than 1 percent in July, down from 8 percent in June, according to the National Bureau of Statistics.
The PBOC removed the lower limit of lending rates for all loans but kept it for mortgages on concerns cheaper loans could further fuel the buoyant home market.
Shanghai’s outstanding loans in all categories reached 4.3 trillion yuan at the end of July while total new lending was 20.1 billion yuan last month.
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