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Press Releases

Residential Mortgage Survey Results for August 1997

New mortgage activity slowed in August 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 sharply by 23.3% to $24.9 billion, after the rise of 27.3% in July. The average size of new loans increased to $2.13 million compared with $1.94 million in July.

The amount of outstanding mortgage loans rose more slowly, by 2.3% to $406.9 billion in August, compared to the 3.9% increase in July.

The annualised rate of growth of outstanding loans in the three months to August decreased to 41.2% from 43.9% in July. The average change over the last twelve months increased to 31.7% from 29.8% in July.

New loans approved during the month dropped by 23.7% to $25.7 billion, reflecting the reduced market activity in late June and July. Loans approved during the month but not yet drawn also decreased by 9.48% from $19.5 billion in July to $17.7 billion in August.

Of the new loans approved during August, 37.1% were priced at best lending rate, slightly up from 36.6% in July. This reflected an increase in the proportion of loan approvals for the primary market in August. However, loans priced at more than 0.25% above best lending rate increased from 14.3% to 18.3%, indicating some hardening in mortgage rates.

'The slower pace of new loan approvals appears to have continued in September,' said Mr. David Carse, Deputy Chief Executive of the Hong Kong Monetary Authority. 'However, the amount of existing undrawn commitments to lend suggests that outstanding loans will continue to grow quite rapidly.'

Gross loans for the purchase of properties in Mainland China decreased to $285 million in August from $369 million in July. The amount of outstanding loans increased by 2.18% to $7.13 billion.

 

Hong Kong Monetary Authority

29 September 1997

 

 

 

Residential Mortgage Survey Results for August 1997

33 Authorised Institutions

Aug-97
HK$m

Jul-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
 

  1. 24,917
  2. -23.3%
  3. 11,712
  4. 2.13
 

  1. 32,495
  2. 27.3%
  3. 16,716
  4. 1.94
2. New loans approved during month

  1. Amount of approvals
  2. Monthly change in approvals
  3. Number of approvals
  4. Average size of approvals

    By Property age

    Property age - 15 years or below
    - amount
    - number
    Property age - above 15 years
    - amount
    - number
    Associated with co-financing schemes
    - amount
    - number

 

  1. 25,711
  2. -23.7%
  3. 11,691
  4. 2.20



    21,727
    9,489

    3,983
    2,202
     
    906
    324

 

  1. 25,711
  2. -23.7%
  3. 11,691
  4. 2.20



    28,065
    12,780

    5,637
    3,394
     
    782
    271

3. New loans approved during month but not yet drawn

  1. Amount of approvals
  2. Number of approvals
 

  1. 17,693
  2. 7,859
 

  1. 19,547
  2. 8,852
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. 406,916
  2. 2.3%*
  3. 31.1%*

  4. 41.2%*
    31.7%*

     
    13,925
    7,049

 

  1. 395,352
  2. 3.9%
  3. 29.0%

  4. 43.9%
    29.8%

     
    14,145
    7,150

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
 

  1. 36.1%
  2. 14.0%
  3. 4.3%
  4. 37.1%
  5. 8.5%
 

  1. 42.9%
  2. 11.0%
  3. 3.3%
  4. 36.6%
  5. 6.2%
* Figures are adjusted for the effect of reclassification of residential mortgage loan by an institution amounting to HK$ 893 million

 

 

RESIDENTIAL MORTGAGE LOANS IN HONG KONG
(33 institutions)

 

GROSS NEW LOANS MADE DURING THE MONTH

0929a1

0929a2

 

NEW LOANS APPROVED DURING MONTH

0929b1

NEW LOANS APPROVED BUT NOT YET DRAWN

0929b2

 


0929c1

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.


0929c2


0929c3

Last revision date: 7 September 2011
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