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Housing Loans Surge
Loans in China’s real estate sector experienced steady growth as the housing market regained vigor， data from People’s Bank of China showed on October 23.
By the end of September， financial institutions in China had lent 14.17 trillion yuan （$2.31 trillion） to the property sector， up 19 percent year on year， 0.9 percentage points faster than the growth at the end of June.
Outstanding loans for property development amounted to 3.43 trillion yuan （$563.9 billion） as of the end of September， with a year-on-year increase of 14.9 percent， while individual housing loans jumped 21.2 percent to 9.47 trillion yuan （$1.56 trillion）.
Outstanding loans for affordable housing development amounted to 686.3 billion yuan（$112.83 billion）， up 31.3 percent year on year and accounting for 28.1 percent of the total.
Earnings Shoot Up
China Huarong Asset Management Co. Ltd.， the largest financial asset management corporation in China， reported profits of 10.32 billion yuan （$1.68 billion） in the first three quarters， up 56.01 percent from the previous year.
Total profits from the past nine months amounted to 95.58 percent of the company’s annual profit target of 10.8 billion yuan （$1.76 billion）， according to a report on its website.
Once a state-owned debt clearer， China Huarong became a joint stock company with diverse financial businesses in October 2012. The market-oriented transformation has seen net assets in its parent company grow by 9.45 billion yuan （$1.55 billion）， up 32.01 percent by the end of September.
China Huarong is expected to issue financial bonds worth 12 billion yuan （$1.97 billion） in early November and is now in the process of introducing strategic investors. It is also considering setting up a branch in the Shanghai free trade zone.
Loans in China’s real estate sector experienced steady growth as the housing market regained vigor， data from People’s Bank of China showed on October 23.
By the end of September， financial institutions in China had lent 14.17 trillion yuan （$2.31 trillion） to the property sector， up 19 percent year on year， 0.9 percentage points faster than the growth at the end of June.
Outstanding loans for property development amounted to 3.43 trillion yuan （$563.9 billion） as of the end of September， with a year-on-year increase of 14.9 percent， while individual housing loans jumped 21.2 percent to 9.47 trillion yuan （$1.56 trillion）.
Outstanding loans for affordable housing development amounted to 686.3 billion yuan（$112.83 billion）， up 31.3 percent year on year and accounting for 28.1 percent of the total.
Earnings Shoot Up
China Huarong Asset Management Co. Ltd.， the largest financial asset management corporation in China， reported profits of 10.32 billion yuan （$1.68 billion） in the first three quarters， up 56.01 percent from the previous year.
Total profits from the past nine months amounted to 95.58 percent of the company’s annual profit target of 10.8 billion yuan （$1.76 billion）， according to a report on its website.
Once a state-owned debt clearer， China Huarong became a joint stock company with diverse financial businesses in October 2012. The market-oriented transformation has seen net assets in its parent company grow by 9.45 billion yuan （$1.55 billion）， up 32.01 percent by the end of September.
China Huarong is expected to issue financial bonds worth 12 billion yuan （$1.97 billion） in early November and is now in the process of introducing strategic investors. It is also considering setting up a branch in the Shanghai free trade zone.