| Last updated at: (Beijing Time) Monday, November 19, 2001 |
Shanghai Reports Sharp Fall in Housing Loans in October |
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China's leading business center Shanghai reported a 50 percent drop in personal housing loans in October after rapid increases in the January-September period.
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China's leading business center Shanghai reported a 50 percent drop in personal housing loans in October after rapid increases in the January-September period.
Local banks issued 2.09 billion yuan (252 million U.S. dollars) in individual housing loans in October, which was one billion yuan less than in the previous month but equal to that a year earlier.
The drop was mainly attributable to that in mortgage loans.
Experts with the Shanghai branch of the central bank say the drop does not indicate the sales of houses has entered into a period of readjustment.
The consumers were simply becoming cautious due to the price rise of newly-built quality houses. At the same time people are waiting for cheaper loans as they expect further interest rate cuts in Chinese currency after the interest rates for hard currencies have been cut time and again, experts say.
But the lackluster stock market is also putting pressure on consumers' expectations for investment gains.
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