Property loans hit 845 billion yuan

Chinese banks channeled 32 percent of their 2.6 trillion yuan in net lending in the first quarter to the property sector.

The People's Bank of China says that from January to March, new loans for the real estate sector reached 845 billion yuan, up 44 percent over the same period last year. Three-hundred-and-20 billion went to property developers, up 31 percent. Personal mortgage borrowing was 522 billion yuan, up 53 percent compared to the same period last year.

The central bank also said despite the new loan growth in the property sector in the quarter, the pace turned slower at the end of March.