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(Yicai Global) Feb. 3 -- The growth in lending for real estate development outpaced that for home and consumer loans in China last year, the People’s Bank of China said in a report posted on its website today.
The balance of loans for property development was CNY12.7 trillion (USD1.9 trillion) at the end of 2022, up 3.7 percent from a year earlier and 2.8 percentage points higher than at the end of the previous year. The balance of personal home loans was CNY38.8 trillion, up 1.2 percent but 10 points lower than at the end of 2021.
The balance of domestic and foreign currency-denominated household loans for business purposes was CNY18.9 trillion, a 16.5 percent surge, but still 2.6 points lower than the end of 2021. The balance of household loans for consumption (excluding personal housing loans) was CNY17.3 trillion, up 4.1 percent, which was 5.4 points lower than the end of the previous year.
Green loans grew rapidly last year, the report said. The balance of domestic and foreign currency-based green loans was CNY22 trillion, jumping 38.5 percent, which was 5.5 points higher than the end of the previous year and 28.1 points higher than the growth of all loans.
About CNY8.6 trillion of the green loans went to projects with direct carbon emission reduction benefits and CNY6.1 trillion to projects with indirect carbon emission reduction benefits, which combined accounted for 66.7 percent of all green lending.
Loans for agriculture-related purposes continued to rise faster. The balance of domestic and foreign currency-denominated farming loans was CNY49.3 trillion at the end of 2022, an increase of 14 percent from a year ago and 3.1 points higher than the end of 2021.
Chinese yuan-denominated loans jumped CNY21.3 trillion last year, up CNY1.4 trillion from the previous year.
While lending for home purchases slowed, property development loans rose at a faster clip. The balance of loans for real estate development was CNY12.7 trillion at the end of last year, up 3.7 percent from a year earlier and 2.8 points higher than the end of 2021. The balance of personal home loans was CNY38.8 trillion, up 1.2 percent, which was 10 points lower than the end of 2021.
The balance of yuan loans from financial institutions was CNY214 trillion at the end of 2022, up 11.1 percent from a year ago, the PBOC said.
Editor: Peter Thomas