China’s real estate loans grew at much slower pace in first half – PBOC data
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China’s real estate loans grew at much slower pace in first half – PBOC data
STOCKS

China’s real estate loans grew at much slower pace in first half – PBOC data

 

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Chinese financial institutions’ outstanding loans to the real estate sector stood at 53.11 trillion yuan at the end of the second quarter, rising by 4.2% from a year earlier, slowing by 3.7 percentage points from the growth at the end of last year, showed the data released by the People’s Bank of China (PBOC) on Friday.

Loans to the real estate sector increased by 668.5 billion yuan in the first half, accounting for 4.9% of total new loans extended during the period, falling by 14.2 percentage points from the level for the full year of 2021, showed the data.

In particular, outstanding loans for real estate development stood at 12.49 trillion yuan at the end of June, falling by 0.2% from a year earlier, weakening by 1.1 percentage points from that at the end of 2021, showed the data.

Of that, outstanding loans for affordable housing development stood at 4.56 trillion yuan at the end of June, down 1.9% from a year earlier, narrowing by 0.3 percentage points from the end of March, according to the PBOC.

Outstanding loans for development of other residential properties stood at 38.86 trillion yuan, rising by 6.2% from a year ago, slowing by 5.1 percentage points from the end of 2021.