At least 300 billion yuan (US$45.7 billion) worth of short-term consumer loans have been taken out by Chinese borrowers and ploughed into the country’s housing market since March – creating a new funding channel for home buyers to circumvent government efforts at cutting record levels of debt, according to new figures.
Short-term consumer loans are typically used for buying big-ticket consumer goods, paying for education, or buying a car.
But new research from the E-House…
Source : South China Morning Post
Read more…Nearly USbn taken out in short-term consumer loans since March to help fund Chinese house buys
