Growth of Beijing housing loans slows in 2017

Updated 2018-01-19 09:53:03 Xinhua

Loans for home buyers in Beijing grew at a slower pace last year due to a series of regulatory policies to curb the property market, authorities said Thursday.

In December last year, Beijing individual housing loans grew by 1.81 billion yuan (about 281 million U.S. dollars) from November, the lowest level of the year, down by 10.4 billion yuan compared with the average growth in the first 11 months, according to figures from the People's Bank of China.

New loans for house purchases accounted for 20.2 percent of the total new RMB loans in 2017, down 20.1 percentage points year on year.

Outstanding home loans in Beijing were 966.4 billion yuan at the end of last year, up 136.6 billion yuan year on year. The growth was 25.2 percentage points lower than in 2016.

China has intensified efforts to rein in property speculation, particularly in major cities.

In March 2017, Beijing raised the downpayment for second homes and suspended housing loans with a maturity of 25 years or more.

Chinese authorities have constantly reiterated that "houses are built for living in, not speculation," pledging to step up housing system reform and foster a long-term market mechanism.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58September 21 2018 14:39:09

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16September 21 2018 14:39:09

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18September 21 2018 14:39:09

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords