Chinese regulators vow to keep property sector credit growth stable

Beijing, China. Photo by zhang kaiyv on Unsplash

China‘s financial regulators pledged to keep credit growth stable in the property sector and help homebuyers affected by COVID-19 outbreaks to defer their mortgage payments, the central bank said in a statement on Tuesday.

Yuan loan growth tumbled in April as the pandemic jolted the economy and weakened credit demand, official data showed earlier this month. Household loans, including mortgages, contracted by 217 billion yuan ($32.6 billion), pointing to a deep freeze in the property market, a pillar of the economy.

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