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Residential Mortgage Survey Results for January 1998

The rate of decline of new mortgage lending moderated in January 1998, while loan approvals increased.

Gross new loans made during the month continued to drop in January, though at a slower rate than in December 1997. The amount of new loans made fell by 15.0% from $9.8 billion to $8.3 billion (compared with a fall of 36.2% in December). The average size of new loans increased slightly to $1.95 million in January compared to $1.86 million in December. The amount of outstanding mortgage loans increased by 0.69% in January, compared with 0.44% growth in December 1997.

New loans approved during the month rose by 9.3% to $9.2 billion. Loans approved during the month but not yet drawn increased by 12.5% from $5.3 billion in December to $6.0 billion in January.

The annualised rate of growth of outstanding loans in the three months to January decreased to 9.6% from 9.9% in December. The average change over the last twelve months also decreased to 25.9% from 28.3% in December.

On the pricing front, mortgage rates continued to harden in January. 62% of new loans were priced at 1% or more above best lending rate (compared with 55% in December 1997).

"The January figures indicate some tentative signs of recovery in lending activity, but it is too soon to say whether this will be sustained," said Mr. David Carse, Deputy Chief Executive of the HKMA.

Gross loans for the purchase of properties in Mainland China decreased to $262 million in January from $282 million in December. The amount of outstanding loans increased by 1.60% to $8.0 billion.

 

Hong Kong Monetary Authority

26 February 1998

 

Residential Mortgage Survey Results for January 1998

33 Authorised Institutions

Jan-98
HK$m

Dec-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
8,305

-15.0%

4,267

1.95
9,767

-36.2%

5,253

1.86
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



9,174

9.3%

4,445

2.06



7,838
3,583

1,336
862

900
303


8,394

-29.8%

4,307

1.95



6,726
3,220

1,667
1,087

673
264
3. New loans approved during month but not yet drawn

  1. Amount of approvals
  2. Number of approvals


5,986

2,679



5,320

2,464

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



428,385

0.69%

26.6%

9.6%
25.9%

15,514
7,404


425,469

0.44%

28.9%

9.9%
28.3%

14,653
7,126
5. Interest margin on new loans approved during month

  1. At BLR
  2. More than 0% and up to 0.25% above BLR
  3. More than 0.25% and up to 0.5% above BLR
  4. More than 0.5% and up to 0.75% above BLR
  5. More than 0.75% and up to 1% above BLR
  6. More than 1% above BLR
  7. Others


0.7%

8.5%

1.9%

16.6%

37.2%

25.1%

10.0%


1.4%

9.9%

8.8%

14.9%

37.5%

17.9%

9.6%

 

 


RESIDENTIAL MORTGAGE LOANS IN HONG KONG
(33 institutions)

 


GROSS NEW LOANS MADE DURING THE MONTH

980226a1

980226a2

 


NEW LOANS APPROVED DURING MONTH

980226b1

NEW LOANS APPROVED BUT NOT YET DRAWN

980226b2

 




980226c1

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.


980226c2

980226c3

 
Last revision date: 1 August 2011
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