(Yicai) Aug. 30 -- Chinese financial institutions’ Chinese yuan-denominated loans to the real estate sector surged 27.5 percent in the first six months from a year ago as the country continues to offer real support to the property sector.

Banks extended CNY197.6 billion (USD27.9 billion) worth of yuan loans to the property sector in the six months ended June 30, according to data released on the People’s Bank of China’s website today.

Some CNY609.5 billion of loans were issued in the first three months, according to previously released data from the central bank. Although separate data was not given for the second quarter, the first-half data shows that loans to the real estate sector contracted CNY411.9 billion in the second quarter.

Real estate loans in Chinese yuan tumbled 1 percent as of March 31 from a year earlier to CNY53.1 trillion (USD7.4 trillion), a naoowing of 0.04 percentage point from the end of last year, the PBOC said.

Real estate development loans climbed 2.8 percent in the first six months year on year to CNY13.7 trillion (USD1.9 billion), an increase of 1.3 percentage points from the end of last year. While outstanding individual mortgages contracted 2.1 percent to CNY37.7 trillion.

Personal loans, not including individual mortgages, jumped 6.6 percent over the period to CNY20 trillion (USD2.8 trillion), the central bank said.

More financial support is being given to scientific innovation firms. In the first half, 5.3 million high- and new-tech companies secured loans, accounting for 55.6 percent of all such companies. This is an increase of 1.1 percentage point from a year ago. Loans denominated in yuan and non-yuan fiat currencies increased 11.2 percent on year to CNY16 trillion (USD2.2 trillion).

Some 46.8 percent of small and medium-sized science and technological firms, at 3.3 million, secured loan support. This is a gain of 0.1 percentage point from the same period last year. Loans denominated in yuan and non-yuan fiat currencies surged 21.9 percent to CNY3.1 trillion (USD437.1 billion).

Financial institutions had extended CNY250.8 trillion (USD35.3 trillion) in different types of yuan loans as of June 30, up 8.8 percent on year. Newly added loans in the first half came to CNY13.2 trillion (USD1.8 trillion), the PBOC said.

Editor: Kim Taylor