Value of housing provident fund loans in Shanghai 2001-2022
By the end of 2022, the total value of housing provident fund loans in Shanghai reached 587 billion yuan, indicating an increase from the previous year. This strong increase 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.