China home loan growth slows in 2021

0

Buildings under construction in Changsha, central China’s Hunan Province, May 5, 2021. /CFP

Buildings under construction in Changsha, central China’s Hunan Province, May 5, 2021. /CFP

Home loan growth in China slowed in late 2021 from a year earlier, data from the People’s Bank of China (PBOC) showed on Sunday.

At the end of 2021, outstanding yuan-denominated home loans nationwide stood at 52.17 trillion yuan ($8.18 trillion), up 7.9 percent year on year, or 3.7 percentage points less than at the end of 2020, according to PBOC data.

New home loans in 2021 amounted to 3.81 trillion yuan, accounting for 19.1 percent of total new loans in the same period, down 7.2 percentage points from the previous year.

Real estate development loans at the end of 2021 stood at 12.01 trillion yuan, an increase of 0.9%, 5.2 percentage points lower than at the end of 2020.

Chinese authorities said the country will support the real estate market to better meet reasonable demand from home buyers and adopt city-specific policies to boost the virtuous circle and healthy developments in the sector. China will simultaneously reiterate the principle that “housing is for living in, not for speculation”, at a landmark economic meeting in December last year.

At the end of 2021, outstanding personal home loans in China stood at 38.32 trillion yuan, up 11.3 percent year on year, or 3.3 percentage points lower than a year earlier.

Source(s): Xinhua News Agency

Share.

About Author

Comments are closed.