In Dalian, a major city in Liaoning Province, five banks signed 23 contracts with 16 real estate companies on Mar. 8, lending them RMB 16 billion in total, sources reported.

Zhang Jun, the vice mayor of the seaside city, said that Dalian has earmarked RMB 57 billion for the property market this year and plans to achieve a 15% year-on-year increase in sales revenue.

In February, the property transaction volume in the four major districts of the city reached 1,651 units, soaring 51.05% from a month earlier, or 63.79% year on year.

Meanwhile, the sales area was 150,186 square meters last month, an increase of 45% from the previous month. In the same period, the city's average property price reached RMB 7,163 per square meter.