Wed, Jul 27, 2011 - Page 12 News List

Growth in construction and housing loans slowed last month: central bank

By Amy Su  /  Staff Reporter

Construction loans and housing loans expanded at a slower pace last month, the central bank said yesterday, in another sign that the property market is gradually cooling down.

Construction loans rose 0.73 percent last month from a month earlier. However, the growth rate was lower than the 1.17 percent increase recorded in May, central bank data showed.

Housing loans also expanded more slowly, rising 0.22 percent last month, compared with May’s 0.23 percent increase, the data showed.

However, in terms of value, both loan categories hit record highs, with construction loans expanding for the 17th consecutive month to NT$1.36 trillion (US$47.17 billion) last month, while housing loans increased for the fourth consecutive month to NT$5.248 trillion, the bank said.

Separately, the Ministry of Finance said yesterday that tax revenue from a special luxury tax levied on short-term property transactions had boosted the national coffers by NT$31.39 million as of Thursday last week. The figure does not include revenue from the tax on other luxury goods and services.

National Tax Administration (NTA) data showed that the a total of 106 land or property transactions were charged with a tax rate of 10 to 15 percent since the levy was introduced on June 1.

Tax revenue from the northern Taiwan branch of the NTA topped the list, with a total of 37 transactions turning in NT$14.91 million, data showed.

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