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19:21, 20-Oct-2017
China's property loan growth slows as purchase curbs remain
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As government restrictions on Chinese real estate purchases remain in place in major cities, loans to the sector continued to grow at a slower pace in September data from the central bank showed Friday.
Financial institutions in China had lent 31.1 trillion yuan (4.7 trillion US dollar) to the property sector, up 22.8 percent year-on-year by the end of last month, according to a report from the People's Bank of China (PBOC).
The growth was 1.4 percentage points lower than the rate seen at the end of June.
Outstanding loans for individual purchases went up 26.2 percent to 21.1 trillion yuan, retreating 4.6 percentage points from the previous quarter.
The data came after efforts to rein in property speculation, particularly in major cities.
Dozens of local governments have passed or expanded restrictions on house purchases and increased minimum down payments.
The boom was also cooled by tightening liquidity. While the central bank has left benchmark interest rates on hold, it has used diverse monetary tools to ensure liquidity and guide interbank market rates higher.
Of the 70 cities surveyed in August, the pace of new home price growth slowed in 15 compared with the same month of last year, official data showed.
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Source(s): Xinhua News Agency