October 23, 2013 / 11:23 AM / 4 years ago

China's property loans climb in Q3 in upbeat market

BEIJING, Oct 23 (Reuters) - China’s property sector borrowed more from banks in the third quarter than in the second, a Reuters calculation from central bank data showed, another sign of buoyancy in a red-hot housing market.

Chinese banks lent 600 billion yuan ($98.47 billion) to home buyers and property developers between July and September, higher than the second quarter’s 589.7 billion yuan and up 44 percent from a year ago.

Solid demand for property loans is in line with strong recovery momentum gripping China’s housing market since the start of 2013. Data this week showed home prices rose by their most in nearly three years in September.

Exuberant home prices well beyond the reach of ordinary people suggest China’s four-year campaign to calm its housing market has had limited and uneven success.

For the first nine months, total property loans issued hit 1.9 trillion yuan, up 917.6 billion yuan from a year ago, the central bank said on its website.

Outstanding mortgages by the end of September werer up 21 percent from a year ago, at 9.47 trillion yuan, while outstanding loans to developers climbed 15 percent to 3.43 trillion over the same period.

New loans for public housing construction totalled 113.4 billion yuan in the first nine months of the year, to make up 28 percent of all loans to developers. ($1=6.0935 Chinese yuan) (Reporting By Xiaoyi Shao and Koh Gui Qing)

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