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Loans on land mortgage tops 7.7 trillion yuan

English.news.cn   2014-04-22 15:22:51

BEIJING, April 22 (Xinhua) -- Outstanding loans on land mortgage in 84 major cities in China stood at 7.76 trillion yuan (1.25 trillion U.S. dollars) as of the end of 2013, official data showed on Tuesday.

The Ministry of Land and Resources said that 403,900 hectares of land were on mortgage in these cities at the end of last year.

Land mortgage is a major way for local government financial vehicles and property developers to get credit from banks.

Editor: Yang Yi
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