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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) announced the results of the residential mortgage survey for November 2011.
New mortgage loans drawn down during November decreased by 8.0% to HK$10.6 billion compared with October.
New loans approved in November fell by 4.7% to HK$11.9 billion compared with October. Among these, approvals for primary market transactions increased by 0.9% to HK$2.2 billion while approvals for secondary market transactions declined by 10.3% to HK$7.4 billion. Approvals for refinancing rose by 11.9% to HK$2.3 billion. The number of new applications in November rose by 7% compared with October to 7,074.
New mortgage loans priced with reference to best lending rates increased from 69.7% in October to 79.2% in November, with the largest portion priced in the range of 2.25% to less than 2.5%. New mortgage loans priced with reference to HIBOR decreased to 19.2% in November, mainly reflecting banks' upward adjustments in the mortgage rate priced with reference to HIBOR.
The outstanding value of mortgage loans increased by 0.2% to HK$802.3 billion at end-November compared with end-October.
In November, the mortgage delinquency ratio remained unchanged at 0.01% and the rescheduled loan ratio remained unchanged 0.02%.
Ends/Friday, December 23, 2011
Issued at HKT 16:31
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