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The following is issued on behalf of the Hong Kong Monetary Authority:
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 January 2008 increased by 10.5% to HK$23.6 billion.
New loans approved increased by 29.2% to HK$29.4 billion. The increase was due to increases in approvals for all types of property transaction. Approvals for primary market transactions increased by HK$0.9 billion or 52.7%, secondary market transactions by HK$5.0 billion or 27.0%, and refinancing loans by HK$0.7 billion or 28.9%. The number of new applications also increased by 39.2%.
The proportion of new loans approved at more than 2.5% below the best lending rate increased to 90.6% from 87.9% in December 2007, as the proportion of new approvals for HIBOR-based loans* decreased.
The outstanding value of mortgage loans increased by 1.4% to HK$565.4 billion.
The mortgage delinquency ratio and rescheduled loan ratio declined to 0.09% and 0.19% respectively in January. The combined ratio fell to a record low of 0.28%.
* Mortgage loans priced with reference to Hong Kong Interbank Offered Rates.
For further enquiries, please contact:
Peggy Lo, Manager (Press), at 2878 1687 or
Hing-fung Wong, Officer (Press), at 2878 1802
Ends/Tuesday, February 26, 2008
Issued at HKT 16:31
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