Sun, 26 Sep 2021

China's property loan growth further retreats

31 Jul 2021, 10:44 GMT+10

BEIJING, July 30 (Xinhua) -- Loans to China's property sector saw slower expansion by the end of the second quarter amid the country's continuous efforts to stabilize the property market, central bank data showed Friday.

China's outstanding property loans were up 9.5 percent from last year at 50.78 trillion yuan (about 7.86 trillion U.S. dollars) as of the end of June, according to a report from the People's Bank of China.

The growth rate was 2.2 percentage points lower than that at the end of last year.

Outstanding loans for individual home purchases grew 13 percent year on year to 36.58 trillion yuan by the end of June, down 1.6 percentage points from the end of 2020.

China's policymakers have vowed to ensure the stable and healthy development of the property market, repeatedly emphasizing that homes are for living in, not for speculative investment.

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