Shanghai Real Estate Loans Soared

Shanghai's real estate loans had topped CNY 700 billion for the first time by the end of September 2009, the Shanghai bureau under the China Banking Regulatory Commission, the nation's top banking regulator, announced in a report on October 26.

In detail, the number was CNY 713.41 billion, jumping CNY 117.58 billion compared with the figure at the beginning of the year, according to the report. Shanghai saw a bad real estate loan ratio of 0.87%.

By the end of the third quarter, Shanghai-based Chinese and foreign banks had had home purchasing loans of CNY 454.36 billion, leaping CNY 76.02 billion compared with the number at the beginning of the year and CNY 62.84 billion year on year. They had reached real estate development loans of CNY 258.56 billion, with an 18.4% rise year on year, and the number was up 8 percentage points versus the end of June.

Source: www.nanfangdaily.com.cn (October 27, 2009)

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