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Q1 realty loans grows at slower pace

04-29-2011 14:16 BJT

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Outstanding loans by Chinese banks for mortgages and real estate development both grew in the first quarter, according to the People's Bank of China. However, the pace of expansion slowed compared to the end of last year, indicating a slowdown in China's overheated property market.

According to the central bank, the level of mortgage loans rose 23 percent from a year earlier in the first quarter, but the rate of increase was down 6.3 percentage points. Outstanding loans for real estate development rose 17 percent from a year earlier in the first quarter, slowing by a similar amount.

Meanwhile, loans surged to support the development of subsidized housing, a government policy priority initiated to cool the property market and ensure the supply of affordable housing for lower income families.

Editor:Xiong Qu |Source: CNTV.CN

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