Home loans in China increase in the first quarter

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Residential buildings in Changzhou, Jiangsu province, China, April 5, 2022. /CFP

Residential buildings in Changzhou, Jiangsu province, China, April 5, 2022. /CFP

Chinese property developers stepped up borrowing in the first quarter of 2022, central bank data showed on Friday.

New loans to Chinese property developers totaled 290 billion yuan (about $43.72 billion) in the first three months of the year, reversing the decline seen in the fourth quarter of 2021, according to data from the People’s Bank of China. China.

Home loan outstandings stood at 12.56 trillion yuan at the end of March, the data showed.

The outstanding amount of personal housing loans rose 8.9 percent year on year to 38.84 trillion yuan at the end of March, down 2.3 percentage points in the growth rate from the end of December, it said. central bank.

Friday’s data also showed outstanding RMB home loans rose 6 percent year on year to 53.22 trillion yuan at the end of the first quarter.

Chinese central and local authorities are fine-tuning housing policies to strike a balance between defusing risk and stimulating demand, as part of efforts to spur the steady and healthy development of the housing market.

While reiterating that “housing is for living, not speculating,” a key meeting held last week by the Political Bureau of the Communist Party of China Central Committee called for efforts to improve housing policies based on local realities. . He urged support for work to meet demand from first-time homebuyers and home renovators, and to optimize regulations governing commercial housing prepayments.

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