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Residential Mortgage Survey Results for May 1998

Press Releases

25 Jun 1998

Residential Mortgage Survey Results for May 1998

Mortgage activity remained subdued in May 1998 according to the HKMA's monthly survey on residential mortgage lending.

The amount of gross new loans made fell by 7.3% from $10.3 billion in April to $9.53 billion in May (compared with the 18.6% decrease in April). The average size of new loans decreased to $1.69 million in May compared to $1.90 million in April.

New loans approved during the month increased slightly by 2.7% to $10.50 billion ($10.22 billion in April). Loans approved during the month but not yet drawn also edged up by 2.9% from $6.44 billion in April to $6.63 billion in May.

The amount of outstanding mortgage loans increased by 0.68% in May, compared with 0.73% growth in April. The annualised rate of growth of outstanding loans in the three months to May dropped to 11.7% from 11.9% in April. The average change over the last twelve months decreased to 19.0% from 21.4% in April.

On the pricing front, mortgage rates remained quite stable with 58.1% of new loans granted at more than 1% above BLR (compared with 58.8% in April).

"In view of the low level of undrawn lending commitments in May and the current market conditions, loan growth is expected to remain modest in June," said Mr. David Carse, Deputy Chief Executive of the HKMA.

Gross loans for the purchase of properties in Mainland China remained unchanged at $122 million in May. The amount of outstanding loans decreased marginally by 0.24% to $7.97 billion.

 

Hong Kong Monetary Authority

25 June 1998

 

Residential Mortgage Survey Results for May 1998

33 Authorised Institutions May-98
HK$m		 Apr-98
HK$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. 9,526
  2. -7.3%
  3. 5,636
  4. 1.69

  1. 10,275
  2. -18.6%
  3. 5,395
  4. 1.90
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. 10,500
  2. 2.7%
  3. 6,269
  4. 1.67



    8,903
    5,099

    1,597
    1,170

    985
    529

  1. 10,222
  2. -30.1%
  3. 5,713
  4. 1.79



    8,622
    4,619

    1,600
    1,094

    1,060
    527
3. New loans approved during month but not yet drawn

  1. Amount of approvals
  2. Number of approvals

  1. 6,627
  2. 3,764

  1. 6,440
  2. 3,445
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. 441,367
  2. 0.68%
  3. 19.6%

  4. 11.7%
    19.0%


    19,311
    8,766

  1. 439,284
  2. 0.73%
  3. 22.0%

  4. 11.9%
    21.4%


    17,979
    8,220
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. 3.4%
  3. 0.3%
  4. 5.4%
  5. 21.1%
  6. 58.1%
  7. 11.3%

  1. 0.3%
  2. 4.4%
  3. 0.6%
  4. 4.4%
  5. 18.3%
  6. 58.8%
  7. 13.2%


* Adjusted for the effect of sale of mortgage loans to HKMC by an institution amounting to $904 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.

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Last revision date : 25 June 1998