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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority announced the results of the residential mortgage survey for July 2011.
New mortgage loans drawn down during July decreased by 16.0% to HK$20.2 billion compared with June.
New loans approved in July fell by 33.7% to HK$17.6 billion. Approvals for primary market transactions and secondary market transactions decreased by HK$1.0 billion (26.4%) and HK$6.3 billion (34.7%) respectively, while those for refinancing decreased by HK$1.6 billion (35.6%). The number of new applications in July fell by 22.6% to 9 221. The decline in the mortgage loan figures reflects the fall in transaction volume in June and July 2011.
Around 26% of the new mortgage loans approved in July were priced with reference to best lending rates, with the largest portion in the price range of 2% to less than 2.25%. The proportion of new mortgage loans priced with reference to HIBOR decreased to 72.9% from 79.9% in June.
The outstanding value of mortgage loans increased by 0.8% to HK$794.3 billion.
The mortgage delinquency ratio and the rescheduled loan ratio remained unchanged at 0.01% and 0.03% respectively in July.
Ends/Thursday, August 25, 2011
Issued at HKT 16:35
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