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Residential Mortgage Survey Results for February 1997

The pace of new mortgage lending slowed somewhat in February according to the results of the latest monthly survey conducted by the Hong Kong Monetary Authority (HKMA).

Gross new loans made during the month fell by 8.9% to $18.8 billion. The average size of new loans rose to $1.83 million compared with $1.58 million in January.

New loans approved during the month fell sharply, by 23.0% to $18.0 billion. Loans approved during the month but not yet drawn dropped by 27.3% from the record high of $15.0 billion in January to $10.9 billion in February.

Despite the slowdown in new lending, the amount of outstanding loans continued to rise rapidly in February, by 2.7% to $347.9 billion. This reflected a sharp fall in the amount of repayments made during the month.

The average rate of growth of outstanding loans in the three months to February increased to 34.3% (annualized) from 29.9% in the three months to January. The average change over the last twelve months rose to 22.0% in February.

"The slower pace of new mortgage lending in February coincided with the Lunar New Year Holiday and a sharp fall in the amount of new properties released to the market," said Mr David Carse, Deputy Chief Executive of HKMA. "The pace of lending seems likely to pick up again in March in line with the revival of primary market activity."

Figures recently collected by the HKMA show that lending institutions continue to compete actively on price. Of new loans approved during February, 44% had a margin of 0.25% above best lending rate, compared with 30% in January.

"In current market conditions we continue to stress that institutions should maintain prudent lending criteria," Mr Carse said. "For example, we have recently advised institutions to resist suggestions that they should reduce or waive the charges for early repayment of mortgage loans since that could give encouragement to speculation."

Gross new loans for the purchase of properties in China fell to $93 million in February from $132 million in January. The amount of outstanding loans increased by 0.26% to $6.5 billion.

 

 

Residential Mortgage Survey Results for February 1997

33 Authorised Institutions

Feb-97
HK$m

Jan-97
HK$m

1. Gross new loans made during month    
  1. Amount of new loans
  2. Monthly change in amount
  3. Number of new loans
  4. Average size of new loans
18,799

-8.9%

10,260

1.83
20,626

5.5%

13,014

1.58
2. New loans approved during month    
  1. Amount of approvals
  2. Monthly change in approvals
  3. Number of approvals
  4. Average size of approvals
18,026

-23.0%

9,598

1.88
23,403

15.7%

13,444

1.74

By Property age

Property age - 15 years or below

   

- amount
- number

14,955
7,589
19,524
10,663

Property age - above 15 years

   

- amount
- number

3,071
2,009
3,879
2,781

Associated with co-financing schemes

   

- amount
- number

650
237
776
325
3. New loans approved during month but not yet drawn    
  1. Amount of approvals
  2. Number of approvals
10,908

5,882
14,999

8,248
4. Amount of outstanding loans    
  1. Amount of loans
  2. Monthly change in loans
  3. Twelve-month change in loans
  4. Average monthly changes over

    last three months (annualized)
    last twelve months (annualized)

    Associated with co-financing schemes
    - amount
    - number

  1. 347,877
  2. 2.7%
  3. 21.7%

  4. 34.3%
    22.0%

     
    13,627
    7,154

  1. 338,890
  2. 2.6%
  3. 20.4%

  4. 29.9%
    20.6%

     
    13,148
    6,979

5. Interest margin on new loans approved during month    
  1. More than 0% and up to 0.25% above BLR
  2. More than 0.25% and up to 0.5% above BLR
  3. More than 0.5% and up to 0.75% above BLR
  4. At BLR
  5. Others
44.1%

35.2%

6.7%

2.7%

11.3%
30.3%

39.4%

9.0%

9.4%

11.9%

 

 

RESIDENTIAL MORTGAGE LOANS IN HONG KONG
(33 institutions)

 


GROSS NEW LOANS MADE DURING THE MONTH

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0326a2

 


NEW LOANS APPROVED DURING MONTH

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NEW LOANS APPROVED BUT NOT YET DRAWN

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0326c1

Remarks: The significant fall of outstanding balance in December 1994 was due to the effect of reclassification, securitization and sale of loans by some institutions.


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0326c3

Hong Kong Monetary Authority
26 March 1997

Last revision date: 1 August 2011
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