| China's financial institutions stepped up lending to the real estate sector in the third quarter as the result of a warming market, statistics from the central bank showed Monday. Financial institutions had 11.74 trillion yuan ($1.86 trillion) in outstanding loans to the real estate sector as of the end of last month, up 12.2 percent year on year, the People's Bank of China said in an online statement.
The growth rate was 1.9 percentage points higher than that of the end of the previous quarter. Outstanding loans for land development expanded 7.3 percent year on year to 846.1 billion yuan, up 6.5 percentage points at the end of the second quarter, while those for housing development grew 12.1 percent to 2.96 trillion yuan, up 0.8 percentage points, according to the statement...............................................Full Article: Source
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