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Residential Mortgage Survey Results for March 1998

New mortgage business rose sharply in March 1998.

Gross new loans made during the month rebounded after hitting a two-year low in February 1998. The amount of gross new loans made rose by 54.4% from $8.2 billion to $12.6 billion (compared with a 1.5% decrease in February). Despite the substantial monthly increase, new loans made in March were still well below the monthly average of $21.55 billion in 1997. The average size of new loans increased to $2.10 million in March compared to $1.99 million in February.

New loans approved during the month also rose sharply by 55.3% to $14.6 billion ($9.4 billion in February). Loans approved during the month but not yet drawn increased by 28.1% from $6.3 billion in February to $8.1 billion in March.

The amount of outstanding mortgage loans increased by 1.43% in March, compared with 0.72% growth in February. This is the largest increase since September 1997. The annualised rate of growth of outstanding loans in the three months to March increased to 11.7% from 7.5% in February. The average change over the last twelve months decreased slightly to 23.3% from 23.6% in February.

On the pricing front, mortgage rates continued to harden in March. 77% of new loans were priced at 1% or more above best lending rate (compared with 72% in February).

"The rise in new lending in March reflected increased primary market activity in February," said Mr. David Carse, Deputy Chief Executive of the HKMA. "However the volume of lending remains moderate compared with 1997."

Gross loans for the purchase of properties in Mainland China increased to $169 million in March from $113 million in February. The amount of outstanding loans decreased marginally by 0.09% to $8.0 billion.

Hong Kong Monetary Authority

29 April 1998

 

Residential Mortgage Survey Results for March 1998

33 Authorised Institutions

Mar-98
HK$m

Feb-98
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. 12,627
  2. 54.4%
  3. 6,012
  4. 2.10
 

  1. 8,178
  2. -1.5%
  3. 4,104
  4. 1.99
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. 14,630
  2. 55.3%
  3. 6,837
  4. 2.14



    12,542
    5,495

    2,088
    1,342
     
    1,224
    414

 

  1. 9,422
  2. 2.7%
  3. 4,738
  4. 1.99



    8,261
    3,962

    1,161
    776
     
    1,013
    393

3. New loans approved during month but not yet drawn

  1. Amount of approvals
  2. Number of approvals
 

  1. 8,057
  2. 3,703
 

  1. 6,290
  2. 3,023
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. 436,433
  2. 1.43%
  3. 24.0%

  4. 11.7%
    23.3%

     
    17,282
    7,932

 

  1. 430,975
  2. 0.72%
  3. 24.2%

  4. 7.5%
    23.6%

     
    15,936
    7,478

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
 

  1. 0.4%
  2. 5.4%
  3. 0.7%
  4. 6.4%
  5. 12.4%
  6. 64.4%
  7. 10.3%
 

  1. 0.7%
  2. 5.1%
  3. 1.2%
  4. 6.7%
  5. 17.0%
  6. 55.3%
  7. 14.0%


* Adjusted for the effect of sale of mortgage loans to HKMC by an institution amounting to $717 million

 

RESIDENTIAL MORTGAGE LOANS IN HONG KONG
(33 institutions)

 

GROSS NEW LOANS MADE DURING THE MONTH

 

NEW LOANS APPROVED DURING MONTH

NEW LOANS APPROVED BUT NOT YET DRAWN

 

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.

Last revision date: 1 August 2011
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