AgBank temporarily halts property market loans on real-estate lending

AgBank stopped giving mortgages between August 24 and August 31 “to ensure an even distribution of loans and to avoid a surge at the end of the month,” said Zhang Yun, Agbank's vice-chairman. “But (AgBank) has no intention to stop loans to the property market,” he told reporters at a press conference in Hong Kong to discuss the company's first-half financial results.

Chairman Xiang Junbo said government policy measures to cool overheating in China's real estate market would help prevent “drastic fluctuations”, adding that the Chinese property sector is “developing and healthy.” AgBank has the lowest property loan balance among its rival lenders, Xiang added.

On Friday, AgBank — which this month claimed title to the world's biggest initial public offering in a US$22.1 billion sale — said profit in the first six months rose 40.2 percent to 45.86 billion yuan (US$6.74 billion), from 32.71 billion yuan last year.

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