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China’s mortgages by individuals should account for under 30 percent of 房貸 in 2017 as housing curbs are anticipated to slow mortgage growth, state newspaper China Securities Journal quoted a central bank official as saying on Tuesday.

That will be a “clear drop” through the high ratio last year, the newspaper quoted Zhou Xuedong, director of the business management department in the People’s Bank of China, as saying.

In 2016, China’s 5.68 trillion yuan ($820.9 billion) in new medium- and long-term household loans composed 44.9 percent of total new loans around, boosted from a furious property market boom, central bank data showed.

Zhou’s estimates echoed central bank governor Zhou Xiaochuan’s remarks last week, who said measures by local governments to cool rising house prices would slow mortgage growth to many degree, but housing loans would continue to grow at the relatively rapid pace.

Central bank data a couple weeks ago showed medium- and long term 房屋貸款 taken into account 32.5 percent of new loans in February, marginally beyond January however the absolute dexrpky35 dropped almost by 50 percent, contributing to signs and symptoms of cooling inside the housing sector.

China has targeted broad money supply expansion of around 12 percent in 2017, slightly lower than last year’s goal, signaling a bid to contain debt risks and keep growth on the right track.