|Xinhua File Photo
BEIJING, Oct. 22 (Xinhua) -- Financial institutions stepped up lending to the real estate sector in the third quarter as the result of a warming market, statistics from the central bank showed Monday.
Financial institutions had 11.74 trillion yuan (1.86 trillion U.S. dollars) in outstanding loans to the real estate sector as of the end of last month, up 12.2 percent year on year, the People's Bank of China said in an online statement.
The growth rate was 1.9 percentage points higher than that of the end of the previous quarter.
Outstanding loans for land development expanded 7.3 percent year on year to 846.1 billion yuan, up 6.5 percentage points at the end of the second quarter, while those for housing development grew 12.1 percent to 2.96 trillion yuan, up 0.8 percentage points, according to the statement.
Loans made to individual housing purchasers gained 12.6 percent to reach 7.8 trillion yuan, 1.6 percentage points higher than that of the end of the second quarter, the bank said.
Loans for affordable housing programs saw a slowdown in the third quarter. As of the end of September, outstanding loans to the sector totalled 521.5 billion yuan, an increase of 61.7 percent year on year but the growth rate down 1 percentage point from the previous quarter.
The PBOC report showed that as of the end of last month, China's outstanding yuan-denominated loans had reached 61.51 trillion yuan, up 16.3 percent year on year.
China Vanke's profits jump 41.7%
BEIJING, Oct. 24 (Xinhua) -- China Vanke, the country's biggest property developer, said on Wednesday that its profits surged 41.7 percent year on year to 5.08 billion yuan (806.35 million U.S. dollars) during the first three quarters of 2012.
Vanke's sales hit 96.32 billion yuan during the first nine months, slightly down from 97.08 billion yuan during the same period last year. But average selling prices fell 8.8 percent from the previous year, according to a statement filed to the Shanghai Stock Exchange. Full story
Beijing property sales up 25 pct in January-September period
BEIJING, Oct. 19 (Xinhua) -- Real estate sales in Beijing rose 25.2 percent year on year to 11.5 million square meters in the first three quarters of this year, the municipal bureau of statistics said Friday.
Housing sales surged 39.3 percent year on year to 8.8 million square meters, the bureau said in a statement. Full story