* Property loans rise $247 bln in Q1 vs $176 bln increase in
* Property loans account for 40.4 pct of Q1 total new loans
* Outstanding individual mortgages +35.7 percent y/y by
* No mention of net individual mortgage increase in Q1
(Adds PBOC response)
BEIJING, April 21 China extended 1.7 trillion
yuan ($247 billion) in property loans in the first quarter of
2017, central bank data showed on Friday, reflecting robust
demand in the sector.
Property loans, comprised mainly of individual mortgages and
loans for real estate development, accounted for 40.4 percent of
all new loans made in the quarter, data from the People's Bank
of China (PBOC) showed.
In the first quarter of 2016, lending was 1.5 trillion yuan
($218 billion) and sales growth accelerated to a near three-year
high boosted by a range of official stimulus measures.
Lending in the first quarter of 2017 showed a significant
rebound from the previous quarter's 1.21 trillion yuan ($176
billion), a Reuters' calculation based on central bank data
showed, when demand was oppressed by a slew of property curbs
introduced in October until sales picked up again this year.
Outstanding property loans rose 26.1 percent from a year
earlier to 28.39 trillion yuan at the end of the first quarter,
Outstanding individual mortgages rose 35.7 percent from a
year earlier by the end of the first quarter to 19.05 trillion
yuan, the PBOC said in a report posted on its website.
Marking a departure from previous quarters, the PBOC did not
disclose the net increase in individual mortgages in the first
The PBOC could not be immediately reached for comment.
($1 = 6.8843 Chinese yuan)
(Reporting by Yawen Chen and Nicholas Heath; Editing by