Loans to Chinese property developers surge again in Q1

April 24, 2015 11:30 AM

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BEIJING, April 24 (Reuters) - Loans to Chinese property developers surged again in the first quarter despite the country's housing downturn, official data showed on Friday, a sign that authorities were exhorting banks to do more to support the cooling property market.

Banks' loans to property developers leapt 24.1 percent to 6.08 trillion yuan ($981.8 billion) by the end of March, central bank data showed, picking up from a rise of nearly 23 percent in the corresponding period last year.

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