Housing credits for individuals in this largest manufacturing center in north China's Tianjin have surged, with the total amount hitting 5.48 billion yuan (about US$660 million) in the first 10 months.
The figure doubles that in the same period last year, according to official statistics.
During the January-October period, 43,878 apartments were sold through bank loans to individuals, a nearly 86 percent increase from the same period in 1999 and roughly 77 percent of the total number of apartments sold
Among the credit recipients, newlyweds and residents intending to improve their housing conditions constitute the majority.
Increased housing loans to individuals are attributed primarily to lowered interest rates, the extension of the loan period and higher incomes of local residents.
(Xinhua 12/04/2000)
