Chinese banks provide nearly 10 trillion yuan in loans for property sector in 2023

BEIJING -- China's banking sector provided nearly 10 trillion yuan ($1.41 trillion) in loans to the property sector in 2023, government data showed Thursday.

In breakdown, loans for property development stood at 3 trillion yuan, while those for individual mortgage loans stood at 6.4 trillion yuan, Xiao Yuanqi, deputy head of the National Financial Regulatory Administration, said at a press conference held in Beijing.

Meanwhile, banks' investment in bonds issued by real estate companies reached 427.5 billion yuan as of the end of 2023, representing an increase of 15 percent from a year earlier, Xiao said.

The official added that the government agency will guide financial institutions to make full use of existing support policies to provide better services for the real estate market and maintain the stability of credit lines to the sector amid its efforts to promote the stable and sound development of the real estate market.