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Housing Credits Surge in Shanghai
More and more residents in Shanghai, the top industrial center of China, are borrowing money from banks to buy an apartment after the practice of providing housing by the state was abandoned.
Statistics indicate that by the end of September, the city's residents had borrowed more than 47.1 billion yuan from banks to buy housing this year, a jump of over 16.1 billion yuan over the same period last year.
The banks have also simplified the procedures for applying for a loan and provide a series of convenient services for that purpose.
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