October 18, 2016 / 8:56 AM / a year ago

China new housing loans to individuals rose to $539 billion in Jan-Sept - c.bank

BEIJING, Oct 18 (Reuters) - China’s new housing loans to individuals rose to 3.63 trillion yuan ($538.69 billion) in the first nine months, accounting for 35.7 percent of total new loan issuance in the period, the central bank said on Tuesday.

In September alone, new housing loans to individuals were 475.9 billion yuan ($70.62 billion), or 205.5 billion yuan ($30.50 billion) higher than the same period last year, Ruan Jianhong, a central bank official said in a news release.

The relatively rapid rise in China’s new housing loans is due to a high level of transactions in first- and second-tier cities, Ruan said.

$1 = 6.7386 Chinese yuan Reporting by Yawen Chen and Elias Glenn; Editing by Richard Borsuk

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