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China Property Loan Growth Slowest on Record
- Mortgages grew by 8.9% in the first three months of this year
- Home sales have fallen for months despite fewer restrictions
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China’s property loan growth slowed to the lowest pace in over a decade due to the continued slump in the real-estate market brought on by developer defaults, virus lockdowns and weak consumer confidence.
Outstanding loans in the property sector grew 6% to 53.2 trillion yuan ($8 trillion) at the end of March from a year ago, the slowest pace of expansion since data began in 2009, according to a statement released Friday by the People’s Bank of China. The growth rate was down from 7.9% at the end of 2021.