BEIJING (XFN-ASIA) - The value of Shanghai's first quarter outstanding
mortgage loans increased by 3.4 bln yuan, or 1.1 pct from a quarter earlier, to
304.69 bln yuan, the Shanghai Daily said, citing a banking regulatory report.
According to the Shanghai Bureau of the China Banking Regulatory Commission, in
month-on-month terms, individual mortgage lending increased 3.74 bln yuan in
January, 388 mln yuan in February and 735 mln yuan in March.
The bad loan ratio for individual mortgage lending increased 0.03 percentage
point to 0.71 pct by March and the outstanding value of bad loans totaled of
2.16 bln yuan.
The regulator said the downward trend over the first three months was a result
of both seasonal adjustment and the combined effects of a series of government
policies.
Mortgage loans began to drop in the fourth quarter as the central bank and
banking regulators increased downpayments and rates for mortgages on second
properties, the newspaper said.
But during that same period, mortgages taken out by non-locals jumped
significantly, the paper said.
By March, the outstanding value of mortgages taken out by non-locals reached
129.8 bln yuan, an increase of 2.247 bln yuan from the previous quarter,
accounting for 66.2 percent of the total increase for the period, it said.
The report added that Shanghai's property development lending recovered over the
quarter, rising 10.53 bln yuan, or 5.1 pct, to 218.31 bln yuan, while
residential real estate lending increased 6.718 bln yuan to 73.9 bln yuan.
(1 usd = 7.0 yuan)
fergus.naughton@xinhuafinance.com
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xfnfn/xfjamesa
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