Chart of the Day: China’s Growing Mortgage Debt Drags on the Economy

Outstanding personal home mortgages in China have expanded sevenfold from 3 trillion yuan ($430 billion) in 2008 to 21.9 trillion yuan in 2017, according to data from the People’s Bank of China (PBOC), the central bank.

Graphic: Gao Baiyu/Caixin

By the end of September, the value of outstanding home mortgages had further surged to 24.9 trillion yuan, up 18% year-on-year, according to the PBOC. Rising real estate prices, property speculation and the value that Chinese people traditionally place on home ownership have helped drive a trend that has turned many people into what are called “mortgage slaves.”