China Development Bank Corp., the state policy lender, boosted outstanding loans for affordable housing projects by 44.3 billion yuan ($6.9 billion) in the first six months, it said in a statement on its website today.
The rise was nearly half the 90.8 billion yuan increase in affordable housing loans from Chinese banks this year, said the statement. The lender, which is also known as CDB, plans to spend 100 billion yuan to support construction of social housing, it said.
China aims to build 10 million units of affordable homes this year. Loans for such projects have been exempted from a crackdown on lending as the world’s fastest growing major economy battles to curb prices that rose 6.4 percent year-on-year last month.