Chinese banks lend 2.64 tln yuan to property developers in January-October

BEIJING, Nov. 24 (Xinhua) -- China's banking sector lent 2.64 trillion yuan (371.83 billion U.S. dollars) to property developers from January to October, official data showed on Thursday.

It also provided 4.84 trillion yuan in mortgage loans during the period, according to Shanghai Securities News, citing data from the China Banking and Insurance Regulatory Commission (CBIRC).

China's financial authorities are stepping up their policy support for the housing market to facilitate the stable and healthy development of the real estate sector.

In one of their latest moves, the People's Bank of China and the CBIRC issued a 16-step guideline on Wednesday, pledging to stabilize the loan supply for real estate development and support reasonable demand for individual housing loans.