China's Property Loans See Slower Growth In June

China's property loans increased at a slower pace in June, the country's top banking and insurance watchdog said Wednesday

BEIJING, (UrduPoint / Pakistan Point News - 15th Jul, 2021 ) :China's property loans increased at a slower pace in June, the country's top banking and insurance watchdog said Wednesday.

As of the end of June, loans to the property sector expanded by 10.3 percent year on year, lower than that of total loans, said Liu Zhongrui, an official of the China Banking and Insurance Regulatory Commission, at a press conference.

This came amid the country's efforts to prevent and control risks in key areas, according to Liu.

Meanwhile, the banking and insurance sectors have been enhancing support for the real economy, said Liu, citing that the year-on-year growth rate of loans for the manufacturing industry has topped 10 percent for 14 consecutive months.

China's policymakers have vowed to ensure the stable and healthy development of the property market, repeatedly emphasizing that "houses are for living in, not for speculation."