Growth of China’s property loans to individual purchasers has slowed down

Beijing. Jul 24. Silkroadnews - The growth in China’s property loans to individual purchasers slowed in the second quarter due to the current government organizations, Xinhua reports.
According to the report by the People’s Bank of China (PBOC), by the end of last month, financial institutions lad lent 23.84 trillion yuan ($3.5 trillion) to individual buyers for real estate purchase, which is 18.6% more than in the previous year.
The growth was 1.4 percentage points lower than at the end of the first quarter.
Outstanding loans for the entire real estate sector increased 20.4% to 35.78 trillion yuan, which is 0.1 percentage points higher than at the end of March.
Such a slowdown occurred amid the continuing efforts by the government to curb speculation in the real estate market, which is an issue for the large cities, in particular.
To curb the speculation, local governments adopted or expanded restrictions on the purchase of housing and increased the minimum initial deposit required for a mortgage.