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USEUROPEAFRICAASIA中文双语FrançaisHOMECHINAWORLDBUSINESSLIFESTYLECULTURETRAVELWATCHTHISSPORTSOPINIONREGIONALFORUMNEWSPAPERChina Daily PDFChina Daily E-paperMOBILEBusinessMacroCompaniesIndustriesTechnologyMotoringChina DataFinanceTop 10Home / Business / IndustriesChinas property loan growth slows as purchase curbs remain
Xinhua | Updated:2017-10-21 10:58Visitors look at a model of a housing project at a real property exhibition in Beijing. [Photo provided to China Daily]BEIJING – Loans to Chinas real estate sector continued to grow at a slower pace in September as government purchase restrictions remain in place in major cities, data from the central bank showed Friday.By the end of last month, financial institutions in China had lent 31.1 trillion yuan ($4.7 trillion) to the property sector, up 22.8 percent year-on-year, according to a report from the Peoples Bank of China (PBOC).The growth was 1.4 percentage points lower than the rate seen by the end of June.Outstanding loans for individual purchases went up 26.2 percent to 21.1 trillion yuan, retreating 4.6 percentage points from the previous quarter.The data came after efforts to rein in property speculation, particularly in major cities.Dozens of local governments have passed or expanded restrictions on house purchases and increased minimum down payments.The boom was also cooled by tightening liquidity. While the central bank has left benchmark interest rates on hold, it has used diverse monetary tools to ensure liquidity and guide interbank market rates higher.To guide money to the more needy sectors such as small businesses and agriculture, Chinas central bank last month announced a targeted reserve requirement ratio (RRR) cut to commercial banks that extend a big enough proportion of their outstanding or new loans to the desired industries.Commercial banks whose annual outstanding or new loans in inclusive financing account for more than 1.5 percent of the total will enjoy a 0.5 percentage point RRR cut from the central banks benchmark level from next year.The RRR will be cut further by 1 percentage point if the ratio exceeds 10 percent, according to the central bank.Inclusive financing covers credit support for small business owners, agricultural development, impoverished groups and students.Fridays data showed the countrys outstanding loans to small and micro businesses totalled 23.5 trillion yuan as of the end of September, accounting for 32.4 percent of overall business loans.Related StoriesProportion of property sector in Chinas economy dwindlesCooling measures help curb property market speculationChina greenlights first housing rental quasi-REITCSCEC sees new contracts surge 25% to $240bReal estate curbs begin to hit homePhotoChina-made subway trains to head for BostonBusiness opportunities hidden in steamed bread in Internet Plus eraHigh-tech innovations boosting Internet Plus economyInternational Automobile Expo kicks off in HangzhouYoung man making small flasks a big businessAlibaba showcases future life brought by tech innovationMost Viewed in 24 HoursState Council NewsChina’s ongoing customs reform benefits enterprisesExperts: Sound tax system boosts enterprises’ vitalityTop 10Top 10 most competitive economies in the worldEditors picksStores, banks join book-sharing economyCSCEC sees new contracts surge 25% to $240bChina DataCEOs take: China a powerful player with bright future aheadQ&A With CEOServing in the name of progressBehind an advertising visionSpecial2017 Summer DavosChinas Q1 economic dataBACK TO THE TOPHOMECHINAWORLDBUSINESSLIFESTYLECULTURETRAVELWATCHTHISSPORTSOPINIONREGIONALFORUMNEWSPAPERChina Daily PDFChina Daily E-paperMOBILECopyright 1995 -var oTime = new Date();
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