China’s housing provident fund issued over 1.3 trillion yuan ($181 billion) in individual mortgage loans in 2024. This represents an 11.4% decrease compared to the previous year, according to Reuters’ analysis of government data.
The number of individual mortgage loans issued also dropped, with more than 2.3 million loans granted last year, down from nearly 2.9 million in 2023. These figures come from the annual report jointly published by China’s finance ministry, housing ministry, and central bank.
Despite the slowdown in loan issuance, contributions to the housing provident fund increased by 4.67% in 2024, reaching 3.63 trillion yuan. This growth was highlighted in the 2024 annual report released on Thursday.
The housing provident fund is a government program designed to help Chinese citizens secure affordable housing through savings and loans. The recent decline in loan issuance may reflect broader trends in the housing market and economic conditions.
