Housing loans soaring last month
16/9/2003 14:36
Shanghai real estate development loans and individual housing mortgage
loans both maintained a rapid growth in August, with mid and long-term
property development loans increasing by 1.29 billion yuan (US$155
million) from the month before, according to the People's Bank of China
(PBOC)'s Shanghai branch yesterday.
Housing property loans soared last
month despite a circular issued by
the PBOC on June 13 to raise the
threshold for extending loans to
domestic home buyers, said an industry
analyst.
Local financial institutes reported total loan balances of 1.2508
trillion yuan by the end of August this year, and total deposit balances of
1.5798 trillion yuan, an increase of 29.7 percent and 22.7 percent
respectively from the month before.
Bank loans last month increased by
192.2 billion yuan, up 106 billion
yuan from the previous month.
Loans in
industrial, real estate, infrastructure and personal housing
sectors have
contributed the most to loan growth last month.
Wendy Zhang/ Shanghai Daily news
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