China's property loans rise to a 2-year high on policy support
Advertisement
China's outstanding property loans stood at 53.33 trillion yuan (US$7.43 trillion) at the end of June, up 0.4 per cent from a year earlier, the People's Bank of China said in a statement.
Growth accelerated from 0.04 per cent in March, reaching the highest level since June 2023, according to central bank data.
But growth remained modest, dwarfed by the double-digit increases seen before 2021.
Outstanding individual mortgage loans came in at 37.74 trillion yuan, down 0.1 per cent from a year earlier, while outstanding property development loans rose 0.3 per cent to 13.81 trillion yuan, the central bank said.
Advertisement
Beijing has rolled out a number of rounds of policy measures in recent years to support the property sector, including allowing debt-laden developers to sell housing inventories and undeveloped land to local governments.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
2 minutes ago
- South China Morning Post
South Korea pitches ‘Make American Shipbuilding Great Again' plan to avert Trump tariffs
South Korea is pitching the US on a shipbuilding partnership as a key proposal to seal a last-minute agreement to avoid a 25 per cent tariff rate. While details remain unclear, Yonhap News reported that South Korea has proposed a multibillion-dollar project dubbed 'Make American Shipbuilding Great Again' (Masga). South Korea's Industry Ministry declined to comment. 'We confirmed the US side's strong interest in the shipbuilding sector and the two countries agreed to work together to develop mutually acceptable terms that include shipbuilding cooperation,' South Korea's presidential office said in a statement on Saturday. As countries across Asia clinched deals last week, Seoul's negotiators have been racing to stay engaged with their US counterparts as Washington shifted its focus to the European Union and China. The US and EU announced a pact on Sunday that will see the bloc face 15 per cent tariffs on most of its exports to the US, including automobiles. The latest agreement, which follows a Japan deal last week , adds to the pressure on Asia's fourth-largest economy to clinch a deal. South Korea, where negotiations have been slowed by internal political turmoil, is one of the biggest Asian economies to still be without a deal. In addition to China India is another major exporter in the region currently engaged in negotiations.
South China Morning Post
32 minutes ago
- South China Morning Post
Why some Chinese students are skipping elite universities amid job market fears
After underperforming in China's national college entrance exam in June, Lu Jie was accepted into a computer science and technology programme earlier this month at a lesser-known polytechnic university in central China's Hunan province. 'Good schools had too many applicants for this major, so I had to choose a lower-ranked one to pursue it,' Lu said. The results for the exam, better known as the gaokao , have been released over the past two weeks – marking a life-changing moment for students like Lu. Now more than ever, students are opting for majors with strong job prospects over prestigious universities. A focus on immediate employability and job security is eclipsing long-term aspirations and personal interests. Driving this trend is a growing oversupply of college graduates , intensifying competition in the job market amid a challenging economic climate. Computer science has long been a highly popular major, Lu said, but the rise of artificial intelligence (AI) – widely expected to create new job opportunities – has fuelled even greater demand over the past couple of years.
South China Morning Post
2 hours ago
- South China Morning Post
GSK signs US$12.5 billion licence deal with Hengrui as China rises in global pharmaceuticals
GlaxoSmithKline (GSK) will pay a Chinese company US$12.5 billion for exclusive global rights to develop a dozen drugs, in a landmark deal that underscores how China's research labs are snapping up market share in the global pharmaceutical and biomedical industries. Advertisement The deal would give GSK the rights to develop a drug for treating chronic obstructive pulmonary disease (COPD) called HRD-9821, as well as 11 of the preclinical programmes owned by Jiangsu Hengrui Pharmaceuticals. The global rights exclude mainland China, Taiwan, Hong Kong and Macau, according to a statement to the Hong Kong stock exchange on Monday. The deal is the latest in a string of transactions between multinational firms and Chinese drug developers, which have bolstered China's share of global licensing deal value to 28 per cent in 2024 from 1 per cent in 2019. Pfizer agreed in May to pay US$1.25 billion to Shenyang-based 3SBio for the exclusive right to develop the Chinese company's drug for treating solid tumours. China's pharmaceutical out-licensing value soared to almost US$66 billion in the first six months of 2025, more than the whole of last year, according to a July 14 report from China Post Securities. For multinational companies, the deals gave them exclusive products to expand their product portfolio and pipelines, while the Chinese developers saw them as opportunities to cash in on prior work and fund new projects. The corporate flag of GlaxoSmithKline (GSK) next to a Chinese national flag outside a GlaxoSmithKline office building in Shanghai on July 12, 2013. Photo: Reuters Hengrui, established in the Jiangsu provincial city of Lianyungang in 1997, would receive a US$500 million upfront payment and charge US$12 billion to GSK upon the achievement of development, regulatory approval and sales milestones. Advertisement 'The signing of the agreement will help expand the international market for HRS-9821 and multiple innovative medicines in various therapeutic areas, including oncology, respiratory, immunology and inflammation, providing high-quality treatment options for patients worldwide,' Hengrui said in a statement.
