BEIJING: China’s outstanding home loans for individual purchase continued to rise in 2015, the People’s Bank of China (PBOC) said in a statement.
The figure accumulated to 13.1 trillion yuan (2 trillion U.S. dollars) by the end of 2015, up 23.9 percent year on year, according to the statement.
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The outstanding real estate loans in 2015 contributed to 22.4 percent of the total outstanding loans across all sectors, adding 1.1 percentage points year on year.
To promote the housing market and combat a broader economic slowdown, China’s central bank has cut benchmark interest rates five times last year.
