July 13, 2018 / 10:30 AM / 4 months ago

China outstanding individual mortgages rise to $3.56 trln by end-June

BEIJING, July 13 (Reuters) - China’s outstanding individual housing loans grew 18.6 percent from a year earlier to reach 23.84 trillion yuan ($3.56 trillion) at the end of June, a senior central bank official told state media on Friday.

Shanghai Securities News quote Ruan Jianhong, director of Financial Survey & Statistics Department at the People’s Bank of China, as giving the growth figure.

At the end of June, loans for property development totalled 9.63 trillion yuan, a 24.1 percent increase from a year earlier, the report said.

$1 = 6.6973 Chinese yuan Reporting by Beijing Monitoring Desk; Writing by Yawen Chen; Editing by Richard Borsuk

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