Residential Mortgage Survey Results for May 2005
According to the 24 authorized institutions (AIs) which participate in the HKMA's monthly survey of residential mortgage lending, new mortgage loans drawn down during May increased by 2.6% to HK$18.3 billion.
However, new loans approved by the AIs decreased by 24.1% to HK$17.0 billion. There was an across-the-board reduction in the number and value of all types of approvals. The number of new applications declined by 32.0%.
The average contractual life of newly approved loans remained unchanged at 251 months.
The proportion of new loan approvals priced at more than 2.5% below the best lending rate declined markedly to 52.2% from 83.0% in April.
The outstanding value of mortgage loans rose further by 0.6% to HK$540.3 billion.
The mortgage delinquency ratio improved further to 0.24% from 0.26% in April. With the rescheduled loan ratio edging down to 0.40% from 0.41%, the combined ratio improved to 0.63%1 from 0.67% in April.
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
24 June 2005