China Merchants’ real estate NPLs double in H1

Some 3% of property development loans were non-performing, double the end-2021 level

Non-performing loans (NPLs) in China Merchants Bank (CMB)’s real estate portfolio almost doubled in the first half of the year, the latest crack to emerge in China’s heavily-leveraged property market.

NPLs to property developers reached 11.2 billion yuan ($1.6 billion) at end-June, up 98% in six months and 164% in 12 – the most of any corporate loan portfolio. The sector accounted for a fifth of all NPLs, despite making up only 7% of all retail and corporate exposures.

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The portfolio

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