Nanjing Stays Hot, Despite Government Curbs

 

Via china.org.cn

Latest data from the People’s Bank of China showed that loans to the real estate sector continued to grow at a slower pace, with outstanding loans up 22.8 percent year on year to 31.1 trillion yuan ($4.7 trillion) by the end of September, 1.4 percentage points lower than the rate seen at the end of June.

Authorities stepped up measures to act against irregularities in property financing earlier this month, prohibiting property developers, real estate agencies as well as Internet finance and micro-loan companies from offering illicit down payment financing for buyers.

Despite tough curbs, property sales are still hot in some cities, leading Chengdu and Nanjing to start a lottery-like registry system for home buyers to restrict property purchases, according to Zhang.

 

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