China property loans increase

BEIJING - Lending to property sector, especially affordable housing projects, has increased, the People's Bank of China said Friday.

Outstanding yuan-denominated loans to the property sector at the end of September stood at 20.24 trillion yuan ($3.16 trillion), up 20.9 percent from the previous year, the central bank said.

In the first three quarters, such lending expanded by 2.81 trillion yuan, 701.6 billion yuan more than the same period last year.

Loans for the construction of affordable housing hit 1.69 trillion yuan at the end of September, up 61.7 percent year on year.

In the January-September period, loans to affordable housing projects grew by 544.6 billion yuan, 229.7 billion yuan more year on year.

The property sector, a major pillar for economic growth, continued to pick up thanks to the government's easing policies.

Of 70 large and medium-sized cities surveyed in September, new home prices climbed month on month in 39 cities, up from 35 in August, the National Bureau of Statistics (NBS) said Friday.