The Hong Kong Monetary Authority announced the results of the residential mortgage survey for August 2010.
New mortgage loans drawn down during August rose by 27.8% to HK$33.1 billion compared with July.
New loans approved decreased by 1.3% to HK$40.3 billion. Approvals for primary market transactions dropped by HK$1.8 billion or 31.8%, while those for secondary market transactions and refinancing transactions increased by HK$0.8 billion, or 2.7%, and HK$0.5 billion, or 7.4%, respectively. The number of new applications fell by 8.6% to 23,663.
Around 10% of the new mortgage loans approved in August were priced with reference to best lending rates. The majority of these loans were in the price range of 2% to less than 2.25%. The proportion of new mortgage loans priced with reference to HIBOR increased to 89.5% from 87.4% in July.
The outstanding value of mortgage loans grew by 1.9% to HK$706.7 billion.
Both the mortgage delinquency ratio and the rescheduled loan ratio remained unchanged at 0.02% and 0.05% respectively in August.
For media enquiries, please contact:
Peggy Lo, Manager (Communications), at 2878 1687 or
Natalie Wu, Officer (Communications), at 2878 8246
Hong Kong Monetary Authority
27 September 2010