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Residential Mortgage Survey Results for January 1997

Residential mortgage loans for the purchase of properties in Hong Kong continued to grow rapidly in January, according to the results of the latest monthly survey conducted by the Hong Kong Monetary Authority (HKMA).

The latest figures show that the total amount of outstanding mortgage lending by the 33 institutions in the survey rose by 2.6% in January (2.4% in December) to $338.9 billion. The growth rate is higher than the monthly average of 1.7% over the last twelve months.

"The rapid growth in lending reflected the increased activity in both the primary and secondary residential property markets in December and January," said Mr David Carse, Deputy Chief Executive of HKMA. "In particular, the primary market accounted for an increased share of the new lending in January as a large number of new properties were put on to the market."

The annualized rate of growth in lending over the last three months increased to 29.9% from 26.8% in the three-month period to December. The twelve-month average of outstanding loans showed an annualized growth rate of 20.6%, compared with 18.9% in December.

The amount of new loans approved but not yet drawn increased by $2.3 billion (18.3%) to $15 billion in January reflecting the volume of market activity in that month. "In view of lending already in the pipeline, we expect the growth of residential mortgage loans will continue at a rapid rate in February. This was anticipated when we made the recommendation at the end of January for banks to tighten the loan to value ratio for more expensive properties," said Mr Carse.

The amount of residential mortgage loans associated with co-financing schemes accounted for 3.9% of total mortgage lending of the 33 surveyed institutions at end-January. Of the $23.4 billion new loans approved during January, about 83.4% were accounted for by properties aged 15 years or below.

Lending for the purchase of properties in China increased by 3.1% to $6.5 billion in January. Gross loans made in January decreased both in number (to 207 from 310) and in amount (to $132 million from $401 million). New loans approved in January increased both in number (to 263 from 212) and in amount (to $224 million from $157 million).

Residential Mortgage Loans in Hong Kong
Results of Survey for January 1997

 

    Jan   Dec
    1997   1996
    HK$ Mn   HK$ Mn
  33 authorised institutions
1. Outstanding lending
  a. Amount 338,890   330,426
  b. Monthly change 2.6%   2.4%
  c. Twelve - month change 20.4%   18.8%
  d. Average change (annualized)
  Latest three months 29.9%   26.8%
  Latest twelve months 20.6%   18.9%
  Associated with co-financing schemes
  - amount 13,148   12,607
  - number 6979   6757
2. Gross loans made during month
  a. Amount 20,626   19,544
  b. Number 13014   12861
3. New loans approved during month
  a. Amount 23,403   20,233
  b. Number 13444   12477
  By property age
  Property age - 15 years or below      
  - amount 19,524   16,624
  - number 10663   9776
  Property age - above 15 years      
  - amount 3,879   3,609
  - number 2781   2701
  Associated with co-financing schemes
  - amount 776   534
  - number 325   244
4. New loans approved during month
  but not yet drawn
  a. Amount 14,999   12,675
  b. Number 8248   7529

 

Hong Kong Monetary Authority
26 February 1997

Last revision date: 1 August 2011
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