No Deleveraging in Real Estate

iFeng: 一季度房产开发贷款余额7.7万亿 同比增长25.3%

According to the website of the People's Bank of China, the central bank yesterday issued the "Statistics Report on Loan Investment of Financial Institutions in the First Quarter" (hereinafter referred to as the "Report"). According to the report, the Central Bank statistics show that at the end of the first quarter of 2018, the RMB real estate loan balance was 34.1 trillion yuan, an increase of 20.3% year-on-year, a deceleration of 0.6 percentage points from the end of the previous year, and an increase of 1.9 trillion yuan in the first quarter, accounting for various items of the same period. The proportion of loan increments was 2 percentage points lower than the level of the previous year.

The "Report" pointed out that at the end of the first quarter, the balance of real estate development loans was 7.7 trillion yuan, a year-on-year increase of 25.3%. The balance of affordable housing development loans was 3.8 trillion yuan, an increase of 37.9% year-on-year, and an increase of 447.9 billion yuan in the first quarter, which accounted for 64.7% of real-estate development loans for the same period, 16 percentage points higher than the level of the same period of the previous year. The balance of real estate development loans was 1.4 trillion yuan, an increase of 2.2% year-on-year. The balance of personal housing loans was 22.86 trillion yuan, a year-on-year increase of 20%. The growth rate was 2.2 percentage points lower than the end of the previous year. It increased by 999.4 billion yuan in the first quarter, a deceleration of 175 billion yuan year-on-year.