MNI BRIEF: China 2024 Real Estate Loan Recovered: PBOC
MNI (BEIJING) - China’s real estate loans bounced back in 2024 as the country strengthened policy support to the sector, data on the People’s Bank of China website showed Friday.
At the end of the fourth quarter, the total balance of real estate loans was CNY52.8 trillion, down 0.2% year-on-year, but the growth rate was 0.8 percentage points higher than at the end of 2023 and also higher than the 1% decline in the first three quarters in 2024. (See:MNI: China’s Property Measures Face CNY2 Trln Funding Gap)
Outstanding real estate development loans stood at CNY13.56 trillion, representing a year-on-year increase of 3.2%, with the growth rate 1.7 percentage points higher than at the end of the previous year. The balance of personal housing loans reached CNY37.68 trillion, marking a year-on-year decrease of 1.3%, but the growth rate was 0.3 percentage points higher than at the end of the previous year.