China's property loan growth slows in 2011

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The balance of financial institutions’ yuan-denominated loans increased 15.8 percent year-on-year to 54.79 trillion yuan (S$10.89 trillion) last year, of which new loans accounted for 7.47 trillion yuan (S$1.48 trillion), according to the Peoples’ Bank of China.

Total loans granted to the real estate sector in 2011 rose 13.9 percent year-on-year to 10.73 trillion yuan (S$2.13 trillion), although its growth rate slid 13.5 percentage points.

Meanwhile, new loans for the real estate sector grew 1.26 trillion yuan (S$0.25 trillion) last year, less than the 770.4 billion yuan (S$153.23 billion) recorded in 2010.

Furthermore, the balance of loans provided for the construction of affordable homes in 2011 hit 349.9 billion yuan (S$69.59 billion), with new loan growth for this sector amounting to 175.1 billion yuan (S$34.82 billion).

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