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 | Sunday, April 23, 2000, updated at 11:05(GMT+8) | ||||||||||||
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CCB announces breakthrough in personal housing loanThe China Construction Bank (CCB) announced in Beijing on Friday that outstanding amount of personal housing loans has exceeded 100 billion yuan (US$13 billion) by April, helping more than 2.6 million families buy their own houses with an aggregate floor space of over 230 million sq m.CCB Vice-President Zhang Enzhao said that personal housing loans are one of the bank's fastest growing business sectors. By the end of 1998, the outstanding amount of personal loans reached 44.5 billion yuan (US$5.36 billion), but the end of 1999 the figure rose rapidly to 86.3 billion yuan (US$10.4 billion). He said these figures not only indicate CCB's achievement in promoting reform in China's housing system, but the success of its loan system. According to statistics, by early April, CCB has granted a total of 150 billion yuan (US$18.08 billion) in personal housing loans, accounting for 39 percent of the bank's total real estate loans and 97 percent of its personal consumption loans. Presently, the CCB holds a 50 percent share in China's housing loan market, Zhang said. He said that the bank has set a minimum target of 40 billion yuan (US$4.82 billion) in new personal housing loans. The Bank has also revised its business procedures, extended loan periods and lowered the ratio of down payments. He said that personal housing loans are one of the Bank's best business sectors in respect to credit quality. To date, non- performing loans are rare.
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