August 30, 2024 09:35 GMT
MNI BRIEF: China's Outstanding Mortgage Loans Fall Further
MNI (BEIJING) - China's outstanding housing mortgage loans fell for a fifth straight quarter given early repayments from property owners amid sluggish market sentiment.
The balance of mortgages fell by 2.1% y/y to CNY37.79 trillion by end-Q2,surpassing the previous quarter's 1.9% decline, data released by the People’s Bank of China on Friday showed. The outstanding developers’ loans increased by 2.8% y/y to CNY13.77 trillion. (See MNI EM: Big Price Cuts Needed To Lure China Homebuyers-Advisors)
The PBOC data also showed that medium and long-term loans (in both local and foreign currencies) to industrial, services and infrastructure-related sectors maintained relatively high growth rates of 17.5%, 10.4%, and 11.7% y/y by end-Q2.
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