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Slower growth
By Jane Feng |
October 18, 2012, Thursday
|
Print Edition
Print Edition
NEW home loans in Shanghai rose slower in September as new home sales fell in July from a 17-month peak.
Banks in Shanghai granted 3.76 billion yuan (US$601 million) in new mortgages last month, 270 million yuan more than a month earlier and 3.42 billion yuan more than a year earlier, the Shanghai headquarters of the People's Bank of China said in a statement yesterday. The growth was slower than a 1.68 billion yuan gain in new mortgages in August from July. It can take banks over a month to extend a mortgage once an application is submitted, so the mortgage data is a lagging indicator of the housing market.
Banks in Shanghai granted 3.76 billion yuan (US$601 million) in new mortgages last month, 270 million yuan more than a month earlier and 3.42 billion yuan more than a year earlier, the Shanghai headquarters of the People's Bank of China said in a statement yesterday. The growth was slower than a 1.68 billion yuan gain in new mortgages in August from July. It can take banks over a month to extend a mortgage once an application is submitted, so the mortgage data is a lagging indicator of the housing market.
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