ZCZC
BCN-30
CHINA-PROPERTY-LOAN
China’s property loans to individuals see slower growth
BEIJING, July 22, 2018 (BSS/Xinhua) – China’s property loans to individual
purchasers grew at a slower pace in the second quarter as government
restrictions remain in place in major cities, data from the central bank
showed.
By the end of last month, financial institutions had lent 23.84 trillion
yuan (3.5 trillion U.S. dollars) to individual property buyers, up 18.6
percent year on year, according to a report from the People’s Bank of China
(PBOC).
The growth was 1.4 percentage points lower than the rate seen at the end
of the first quarter.
Outstanding loans for the whole property sector increased 20.4 percent to
35.78 trillion yuan, 0.1 percentage point higher from the end of March.
The data came amid continued government efforts to rein in property
speculation, particularly in major cities.
To curb speculation, local governments have passed or expanded
restrictions on house purchases and increased the minimum down payment
required for mortgages.
In addition, China is working to implement a long-term mechanism for
property regulation that ensures supply through multiple sources, provides
housing support through multiple channels, and encourages both housing
purchases and rentals.
BSS/XINHUA/HR/1455