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Residential Mortgage Survey Results for March 1997

New mortgage lending continued to slow down in March 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 10.6% to $16.8 billion, compared with a drop of 8.9% in February. The average size of new loans also dropped to $1.74 million compared with $1.83 million in February.

The fall in gross loans made, coupled with a rise in repayment of loans in the month (which increased by 15% to $11.3 billion), resulted in a slower rate of growth of outstanding mortgage loans - 1.6% in March compared with 2.7% in February.

The average rate of growth of outstanding loans in the three months to March also decreased to 30.1% (annualized) from 34.3% in the three months to February. But the average change over the last twelve months remained unchanged at 22.0% in March.

On the other hand, new loans approved during the month rose by 17.0% to $21.1 billion, in line with the revival of primary market activity in March. Loans approved during the month but not yet drawn also increased by 29.7% from $10.9 billion in February to $14.1 billion in March.

"The slower pace of new mortgage lending in March was a reflection of seasonal factors in February. Loan demand accelerated again in March as more new properties were put up for sale, but there are indications that market conditions have since cooled," said Mr David Carse, Deputy Chief Executive of the HKMA. "Despite this we see no need for change to our existing guidelines on loan to value ratios for different types of properties," he added.

The monthly survey also shows that the price-cutting on mortgages further intensified in March. Of new loans approved during March, 53.3% had a margin of 0.25% above best lending rate, compared with 44% in February.

Gross new loans for the purchase of properties in China increased to $195 million in March from $93 million in February. The amount of outstanding loans increased by 0.98% to $6.6 billion.

 

Residential Mortgage Survey Results for March 1997

33 Authorised Institutions

Mar-97
HK$m

Feb-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
16,797

-10.6%

9,659

1.74
18,799

-8.9%

10,260

1.83
2. New loans approved during month
   
  1. Amount of approvals
  2. Monthly change in approvals
  3. Number of approvals
  4. Average size of approvals
21,093

17.0%

11,723

1.80
18,026

-23.0%

9,598

1.88
By Property age
   

Property age - 15 years or below

   

- amount
- number

17,221
9,132
14,955
7,589

Property age - above 15 years

   

- amount
- number

3,872
2,591
3,071
2,009
Associated with co-financing schemes
   
- amount
- number
505
212
650
237
3. New loans approved during month but not yet drawn    
  1. Amount of approvals
  2. Number of approvals
14,144

7,737
10,908

5,882
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. 353,377
  2. 1.6%
  3. 21.8%

  4. 30.1%
    22.0%

     
    13,865
    7,227

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

  4. 34.3%
    22.0%

     
    13,627
    7,154

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
53.3%

27.8%

7.5%

0.8%

10.6%
44.1%

35.2%

6.7%

2.7%

11.3%

RESIDENTIAL MORTGAGE LOANS IN HONG KONG
(33 institutions)


GROSS NEW LOANS MADE DURING THE MONTH

0425a1

0425a2

NEW LOANS APPROVED DURING MONTH

0425b1

NEW LOANS APPROVED BUT NOT YET DRAWN

0425b2


0425c1
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.


0425c2

0425c3

Hong Kong Monetary Authority
25 April 1997

 
Last revision date: 1 August 2011
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