November 08, 2024 08:52 GMT
MNI BRIEF: China Outstanding Mortgage Loans Decline Further
MNI (BEIJING) - China's outstanding housing mortgage loans fell for a sixth consecutive quarter by end-Q3, as early repayments from property owners continued.
The balance of mortgage fell by 2.3% y/y to CNY37.56 trillion, accelerating from the previous 2.1% decline, data by the People’s Bank of China on Friday showed. The outstanding developers’ loans balance increased by 2.7% y/y to CNY13.79 trillion. (See MNI: China Property To Stabilise Within A Year - Experts)
The PBOC data also showed that medium and long-term loans (in both local and foreign currencies) to industrial, services and infrastructure-related sectors saw relatively high growth rates of 15.1%, 9.6% and 10.8% by end-Q3, compared to the previous 17.5%, 10.4%, and 11.7% y/y.
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