The number of property loans provided by Chinese banks surged in the third quarter, indicating that government efforts to cool the market have failed. للايجار
According to Reuters, home buyers and developers borrowed 600 billion yuan ($98.47 billion) from Chinese banks in the third quarter, up from 589.7 billion yuan the previous quarter. According to figures from the central bank, the total amount borrowed was 44 percent greater than a year ago.
According to economists, one of the causes for the continuous rise in housing prices is the growing influx of property loans. Despite several attempts to restrict property sales and housing prices, the world's second-largest economy continues to develop.
Despite a three-year government effort to cool the market, the National Bureau of Statistics recorded a 34 percent annual gain in property values this week.
The total amount of property loans issued in the first nine months of this year was 1.9 trillion yuan, up from 917.6 billion yuan the previous year.
By the end of September, outstanding mortgages had increased by 21% over the previous year, while loans to developers had increased by 15% to 3.43 trillion yuan.
According to Reuters, new loans for public housing construction totaled 113.4 billion yuan in the first nine months, accounting for 28% of all property developer loans.
DeNiro Joins Shanghai Complex Development Team
Hollywood star Robert De Niro is joining a US consortium to build a property complex in Shanghai's historic waterfront Bund district on Nanjing Road.
A boutique hotel, retail space, a cinema, and a performing arts center will be part of "Project 179," which is called after the municipally allotted blocks of property. The project will redevelop four vacant buildings and construct a fifth to create an 850,000-square-meter hospitality complex, which is expected to open in 2016.
Mr. De Niro, an Academy Award winner, is working with his son, Raphael De Niro, a well-known broker and developer in New York. Last Monday, the group inked a development agreement with the property's owner, Shanghai Bund Investment Group, which is supported by the government. In 2011, the group was awarded development rights to the land.
Shanghai's largest banks and corporations used to be situated on the historic Bund district. According to the companies, the four unoccupied buildings in the complex date from the 1920s and 1930s.
Mr. De Niro stated in a statement, "I am looking forward to helping establish the Bund as one of the world's finest visiting destinations." "Project 179 can serve as a jewel in Shanghai's crown by assuring a design that embodies the city's dynamic history: ushering in a bright future while paying homage to its rich and illustrious past."
The deal's commercial terms have not been revealed. Ira Drukier and Richard Born of BD Hotels, Sam Natapoff of Empire Global Ventures LLC, and Wilson Lu of Amerasia S&T Corp are among the other participants in the US-China alliance.