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Residential Mortgage Survey Results for October 1997

Press Releases

27 Nov 1997

Residential Mortgage Survey Results for October 1997

Mortgage lending continued to slow in October according to the results of the latest monthly survey conducted by the Hong Kong Monetary Authority (HKMA).

Gross new loans made during the month decreased significantly by 29.8% to $17.9 billion. The average size of new loans also dropped to $1.95 million in October compared to $2.13 million in September. As a result, the amount of outstanding mortgage loans grew at a much slower rate of 0.7% to $420.8 billion in October, compared to the 2.9% increase in September. This is the smallest monthly increase since August 1996.

New loans approved during the month increased by 10.8% to $22.0 billion, reflecting the slight revival of market activity in late September and early October. Loans approved during the month but not yet drawn also increased by 25.1% from $11.8 billion in September to $14.7 billion in October.

The annualised rate of growth of outstanding loans in the three months to October decreased to 25.7% from 41.8% in September. The average change over the last twelve months also decreased to 32.0% from 34.0% in September.

On the pricing front, mortgage rates further hardened in October. Of the new loans approved during October, only 9.5% were priced at best lending rate, well below the 23.7% in September. Loans granted at more than 0.25% above best lending rate increased significantly to 59.0% in October from 40.1% in September.

"Given the current market conditions, we can expect reduced market activity and hence the slower pace of lending to continue for the time being," said Mr. David Carse, Deputy Chief Executive of the Hong Kong Monetary Authority.

Gross loans for the purchase of properties in Mainland China increased to $395 million in October from $283 million in September. The amount of outstanding loans increased by 3.87% to $7.59 billion.

Hong Kong Monetary Authority

27 November 1997

 

Residential Mortgage Survey Results for October 1997

33 Authorised Institutions

Oct-97
HK$m

Sep-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. 17,865
  2. -29.8%
  3. 9,144
  4. 1.95
  

  1. 25,452
  2. 2.1%
  3. 11,928
  4. 2.13
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. 21,971
  2. 10.8%
  3. 10,666
  4. 2.06  
     

     
    17,602
    8,023
     
    4,369
    2,643
     
    722
    250

  

  1. 19,831
  2. 22.9%
  3. 9,688
  4. 2.05

     

     
    16,299
    7,561
     
    3,532
    2,127
     
    403
    130
3. New loans approved during month but not yet drawn

  1. Amount of approvals
  2. Number of approvals
  

  1. 14,747
  2. 7,018
  

  1. 11,791
  2. 5,766
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. 420,809
  2. 0.7% *
  3. 32.0% *
  4.  

    25.7% *
    32.0% *

     
    14,671
    7,209

  

  1. 419,020
  2. 2.9% *
  3. 33.6% *
  4.  

    41.8% *
    34.0% *

     
    14,646
    7,234
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% above BLR
  6. Others
  

  1. 9.5%
  2. 26.1%
  3. 33.8%
  4. 14.0%
  5. 11.2%
  6. 5.4%
  

  1. 23.7%
  2. 30.7%
  3. 27.0%
  4. 8.0%
  5. 5.1%
  6. 5.4%
* Figures are adjusted for the effect of reclassification by 2 institutions of HK$ 1,388 million residential mortgage loans as other loans.

 

 

RESIDENTIAL MORTGAGE LOANS IN HONG KONG
(33 institutions)

 

GROSS NEW LOANS MADE DURING THE MONTH

 

NEW LOANS APPROVED DURING MONTH

1127b1

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.

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Last revision date : 27 November 1997