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Via Caixin:
Mortgages drove new loan growth in 2016 at China’s four largest commercial banks, highlighting the scale of money tied up in the frothy property sector.
The Industrial and Commercial Bank of China Ltd., Agricultural Bank of China Ltd., Bank of China and China Construction Bank Corp. saw between 64% and 82% of their new loans last year go toward mortgages, totaling 2.7 trillion yuan ($391 billion).
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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