Chinese banks lend $27 bn for low-cost housing
January 31st, 2012 - 4:23 pm ICT by IANS ( Leave a comment )Beijing, Jan 31 (IANS) Chinese banks lent 175.1 billion yuan (about $27 billion) to construct low-cost houses in the country in 2011.
The money accounted for 50.1 percent of the sector’s new loans, the People’s Bank of China said in its financial report.
In December, lending for low-income housing projects stood at 349.9 billion yuan, China Daily quoted the report as saying Monday.
Yuan-denominated lending in the property sector rose by 13.9 percent year-on-year to 10.73 trillion yuan as of December, compared to 27.4-percent growth in 2010.
The country’s new yuan-denominated lending in 2011 reached 7.47 trillion yuan, down from 7.95 trillion yuan in 2010, the bank noted.
China aims to build 36 million low-income housing units by 2015.
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