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Press Releases

Residential Mortgage Survey Results for November 1998

Property lending recorded strong growth in November according to the HKMA's monthly survey on residential mortgage lending.

The amount of gross new loans made in November surged 60.5% to $10.3 billion from $6.4 billion in October (compared with the 0.1% decrease in October). The average size of new loans increased to $1.48 million in November from $1.38 million in October.

New loans approved during the month also rose sharply by 48.5% to $14.7 billion ($9.9 billion in October) mainly as a result of active primary market activities. Loans approved during the month but not yet drawn also increased significantly by 36.9% from $7.50 billion in October to $10.3 billion in November.

The average loan-to-valuation ratio of these loans was 58.8% (59.2% in October) and the average contractual life was 218 months (224 months in October). 99.4% of these loans were related to owner-occupied properties.

The amount of outstanding mortgage loans increased by 1.09% in November, compared with 0.22% growth in October. The annualised rate of growth of outstanding loans in the three months to November increased to 6.8% from 4.9% in October. The average change over the last twelve months, however, decreased slightly to 8.7% from 8.8% in October.

The loan delinquency ratio (measured by the ratio of mortgage loans overdue for more than 3 months to total outstanding mortgage loans) rose to 0.78% as at November 1998 (compared with 0.68% in October).

On the pricing front, mortgage rates eased further with 58% of the new loans granted at the best lending rate plus 0.5% or below (compared with 49.6% in October).

"In view of improved market conditions, we expect new mortgage lending to continue to grow in December. The delinquency ratio on existing mortgage loans remains low on average," said Mr. Y. K. Choi, Acting Deputy Chief Executive of the HKMA.

Gross loans for the purchase of properties in Mainland China increased from $54 million in October to $78 million in November. The amount of outstanding loans decreased slightly by 1.09% to $7.71 billion.

Hong Kong Monetary Authority

29 December 1998

 

Residential Mortgage Loans in Hong Kong

Results of Survey for November 1998
        Nov-98   Oct 98
        HK$m   HK$m
33 Authorised Institutions
             
1. Gross new loans made during month
             
  a. Amount of new loans   10,298   6,416
  b. Monthly change in amount   60.5%   -0.1%
  c. Number of new loans   6,938   4,651
  d. Average size of new loans   1.48   1.38
             
2. New loans approved during month
             
  a. Amount of approvals   14,709   9,906
  b. Monthly change in approvals   48.5%   24.2%
# c. Number of applications   10,364   10,228
  d. Number of approvals   9,524   6,877
  e. Average size of approvals   1.54   1.44
# f. Average loan-to-value ratio (%)   58.77   59.19
# g. Average contractual life (months)   218.00   224.00
# h. Owner-occupied properties (%)   99.38   99.43
             
    By Property age        
    Property age - 15 years or below - amount 13,078   9,040
      - number 8,010   6,037
    Property age - above 15 years - amount 1,650   866
      - number 1,514   840
    Associated with co-financing schemes        
    - amount   2,064   2,180
    - number   1,123   1,345
             
3. New loans approved during month
  but not yet drawn
             
  a. Amount of approvals   10,261   7,496
  b. Number of approvals   6,701   5,182
             
4. Amount of outstanding loans
             
  a. Amount of loans   455,863   451,725
  b. Monthly change in loans   1.09% * 0.22%
  c. Twelve-month change in loans   8.7% * 8.9%
  d. Average monthly changes over        
    last three months (annualized)   6.8% * 4.9%
    last twelve months (annualized)   8.7% * 8.8%
             
    Associated with co-financing schemes        
    - amount   25,842   23,709
    - number   12,751   11,474
             
  # Delinquency ratio (%)        
    - more than 3 months   0.78   0.68
    - more than 6 months   0.28   0.22
             
5. Interest margin on new loans approved during month
             
  a. At BLR   0.3%   0.3%
  b. More than 0% and up to 0.25% above BLR   21.9%   5.3%
  c. More than 0.25% and up to 0.5% above BLR   35.8%   44.0%
  d. More than 0.5% and up to 0.75% above BLR   18.6%   22.6%
  e. More than 0.75%and up to 1% above BLR   8.6%   11.5%
  f. More than 1% above BLR   7.2%   9.3%
  g. Others   7.6%   7.0%
             
* Adjusted for the effect of reclassification and sale of mortgage loans to HKMC
  by a number of institutions amounting to $784 million.
# Statistics collected from June 1998 onwards.

 

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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