Value of housing provident fund loans in Shanghai 2001-2021
By the end of 2021, the total value of housing provident fund loans in Shanghai reached 558 billion yuan, representing a growth of more than 12 percent from the previous year. This strong growth reflected the high demands in the residential housing market in Shanghai.
Established after the housing reform of the late 1990s, the housing provident fund is a long-term mandatory saving system to assist home financing. Employers and individuals must contribute to designated accounts on a monthly basis, which could be used to fund home purchases and loans through a mortgage system.
Established after the housing reform of the late 1990s, the housing provident fund is a long-term mandatory saving system to assist home financing. Employers and individuals must contribute to designated accounts on a monthly basis, which could be used to fund home purchases and loans through a mortgage system.
