Housing loans in Shanghai rebounded last month thanks to the rapid increase in the new property market, which finally slowed after a two-month decline. 

The city's mortgage loans increased by 230 million yuan (US$29.37 million) in local Chinese banks in November, said the People's Bank of China's Shanghai Branch yesterday. This was the result of a 350-million-yuan increase in new property loans, while second-hand housing mortgages decreased by 120 million yuan last month, the branch said.

The transaction volume of new houses has been on the rise since October, with an average weekly trade volume almost doubling that of previous weeks. Since city banks have followed the central bank's tightening on lending requirements for housing loan applicants, there has been a consecutive 10-month deceleration since July last year.

Source:佚名