Skip to content

China’s Property Loans, Mortgages Grow at Weakest Pace on Record

China’s overall property loans rose at the slowest rate on record as of the end of June, as banks were cautious about lending to cash-strapped developers while household demand for mortgages was weak amid a continued market downturn.

Outstanding loans to the property sector increased 4.2% from a year ago to 53.1 trillion yuan ($7.9 trillion) as of the end of June, according to data from the People’s Bank of China. The growth rate was down from a 6% gain as of the end of March and marked a new low in data going back to 2009.