China’s banking industry extended loans worth nearly 10 trillion yuan (1.41 trillion U.S. dollars) to the property sector in 2023, according to government data released on Thursday.
Specifically, 3 trillion yuan was allocated for property development and 6.4 trillion yuan for individual mortgage loans, as stated by Xiao Yuanqi, deputy head of the National Financial Regulatory Administration, during a press conference in Beijing.
Additionally, banks invested 427.5 billion yuan in bonds issued by real estate companies by the end of 2023, marking a 15 per cent increase from the previous year, Xiao noted.
He also mentioned that the regulatory agency will direct financial institutions to maximize the use of existing support policies to offer improved services for the real estate market and maintain stable credit lines for the sector, as part of its efforts to promote the stable and healthy growth of the real estate market.
