Residential Mortgage Survey Results for August 2004

Press Releases

27 Sep 2004

Residential Mortgage Survey Results for August 2004

The 25 authorized institutions that participate in the HKMA's monthly survey of residential mortgage lending reported a decrease of 14.5% in new loans drawn down during August to HK$9.2 billion.

New loans approved by the institutions during August also fell, by 0.5% to HK$11.7 billion. The fall was largely due to the 19.6% (HK$691 million) decrease in approvals for primary market transactions, which outweighed the 13.8% (HK$639 million) increase in those relating to secondary market transactions. Approvals for refinancing loans also declined, by 0.3% (HK$10 million).

The proportion of new approvals priced at more than 2.5% below the best lending rate increased further to 66.1% from 65.3% in July, while that for fixed rate mortgages advanced to 15.4% from 12.0% in July.

The outstanding amount of mortgage loans edged down to HK$523.3 billion.

The mortgage delinquency ratio improved further to 0.50% from 0.54% in July. With the rescheduled loan ratio remaining unchanged at 0.50%, the combined ratio improved to 1.00% from 1.04%.

For further enquiries, please contact:

Kevin Ip, Manager (Press), at 2878 1687 or
Thomas Chan, Senior Manager (Press), at 2878 1480

Hong Kong Monetary Authority
27 September 2004

Annex

Notes to Annex

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Last revision date : 27 September 2004