Real Estate Loans Up 25.4% YoY to RMB 2.02t in ‘10
Chinese lenders issued RMB 2.02 trillion in new real estate loans in 2010, which accounted for 25.4% of the RMB 7.95 trillion total new loans issued this year, the People's Bank of China (PBoC) announced on January 26 in a report on financial institutions in 2010. Although new real estate loans grew 27.5% y-o-y in the year, this growth rate was down 10.6 ppt from the y-o-y growth in 2009, the report said. New loans for land development grew 24.7% y-o-y to RMB 164.7 billion, while new loans for property development were up 23% y-o-y to reach RMB 426.9 billion. Loans for home purchases totaled RMB 1.4 trillion, an increase of 29.4% y-o-y, according to the report.
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