Official data showed that outstanding household borrowing at the end of 2020 stood at 63.19 trillion yuan (US$9.7 trillion), the equivalent of 62 per cent of Chinese gross domestic product. Photo: Bloomberg
Official data showed that outstanding household borrowing at the end of 2020 stood at 63.19 trillion yuan (US$9.7 trillion), the equivalent of 62 per cent of Chinese gross domestic product. Photo: Bloomberg
Economy /  China Economy

China’s property market abuzz as authorities walk tightrope to recall illegal loans

  • Letter circulating online requested the repayment of a loan and the interest ‘because the borrower failed to fulfil the purpose of the debt according to the loan agreement’
  • Outstanding household borrowing at the end of 2020 stood at 63.19 trillion yuan (US$9.7 trillion), the equivalent of 62 per cent of Chinese gross domestic product

Karen Yeung
Karen Yeung

Updated: 7:30pm, 15 Mar, 2021

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Official data showed that outstanding household borrowing at the end of 2020 stood at 63.19 trillion yuan (US$9.7 trillion), the equivalent of 62 per cent of Chinese gross domestic product. Photo: Bloomberg
Official data showed that outstanding household borrowing at the end of 2020 stood at 63.19 trillion yuan (US$9.7 trillion), the equivalent of 62 per cent of Chinese gross domestic product. Photo: Bloomberg
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