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The following is issued on behalf of the Hong Kong Monetary Authority (HKMA):
According to the 23 authorised institutions (AIs) which participate in the HKMA¡¯s monthly survey of residential mortgage lending, new mortgage loans drawn down during April 2008 decreased by 1.2% to HK$20.4 billion.
New loans approved decreased by 2.1% to HK$24.2 billion. The decrease was due to a decrease of HK$2.5 billion (-14.0%) in approvals for secondary market transactions, which more than offset increases of HK$1.3 billion (+45.0%) in approvals for primary market transactions and of HK$0.6 billion (+14.9%) in approvals for refinancing loans. The number of new applications decreased by 4.2%.
The proportion of new loans approved at more than 2.5% below the best lending rate (BLR) decreased to 84.7% from 90.0% in March, as more new loans were approved at more than 2.25% and up to 2.5% below the BLR in April.
The outstanding value of mortgage loans increased by 1.1% to HK$581.2 billion.
The mortgage delinquency ratio and rescheduled loan ratio declined to 0.08% and 0.16% respectively, driving the combined ratio to a record low of 0.24%.
For further enquiries, please contact:
Peggy Lo, Manager (Press), at 2878 1687 or
Hing-fung Wong, Manager (Press), at 2878 1802
Ends/Monday, May 26, 2008
Issued at HKT 16:30
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