BEIJING Oct 18 China's new housing loans to
individuals soared to 3.63 trillion yuan ($538.69 billion) in
the first nine months, more than double the level for the same
period last year, the central bank said on Tuesday.
New housing loans to individuals increased 1.8 trillion yuan
in the nine months from a year earlier, accounting for 35.7
percent of total new loan issuance, Ruan Jianhong, a central
bank official, said in a news release.
In September alone, new housing loans to individuals were
475.9 billion yuan, or 205.5 billion yuan higher than the same
period last year, Ruan said.
The relatively rapid rise in new housing loans is due to a
high level of transactions in first- and second-tier cities, he
($1 = 6.7386 Chinese yuan)
(Reporting by Yawen Chen and Elias Glenn; Editing by Simon