hb.dzwww.com:

Medium- and long-term household loans, which reflect the changing trend of property loans, increased by 3.43 trillion yuan ($529.6 billion) in the first half of 2021, the highest in recent years. However, the same period has witnessed at least two rounds of lending policies being tightened in the real estate market. Do these two facts contradict each other? What should we make of this data? Thank you.

Ruan Jianhong:

I will answer this question. According to the latest data, the outstanding balance of RMB loans to the real estate sector stood at 50.8 trillion yuan at the end of June, up 9.5% year on year. The growth rate of real estate loans was 2.2 percentage points lower than that at the end of last year, and 2.8 percentage points lower than that of total loans over the same period. The balance of real estate loans was 2.4 trillion yuan higher than that at the beginning of this year. The growth accounted for 18.9% of that of total loans over the same period, and was 569.9 billion yuan less than the same period last year.

Among them, the balance of real estate development loans was 12.4 trillion yuan, up 2.8% year-on-year. The growth rate was 3.3 percentage points lower than that at the end of last year. The balance was 343.3 billion yuan higher than that at the beginning of this year. The growth accounted for 2.7% of that of total loans over the same period, and was 401.2 billion yuan less than the previous year.

At the end of June, the balance of individual housing loans was 36.6 trillion yuan, up 13% year-on-year. The growth rate was 1.6 percentage points lower than that at the end of last year. The balance was 2.1 trillion yuan higher than that at the beginning of this year. The growth accounted for 16.7% of that of total loans over the same period, and was 160.2 billion yuan less than the previous year. Thank you.

Chen Wenjun:

Thanks to our speakers. Today's press conference concludes here. Thank you everyone.

Translated and edited by Wang Yiming, Wang Qian, Guo Yiming, Li Huiru, Liu Jianing, Yuan Fang, Yang Xi, Huang Shan, Zhang Rui, Zhang Junmian, Li Xiao, Jay Birbeck, and Tom Arnstein. In case of any discrepancy between the English and Chinese texts, the Chinese version is deemed to prevail.