According to the 23 authorized institutions (AIs) which participate in the HKMA's monthly survey of residential mortgage lending, new mortgage loans drawn down during June 2008 decreased by 3.1% to HK$16.7 billion compared with May 2008.
New loans approved increased by 3.1% to HK$22.1 billion. The increase was mainly due to an increase of HK$1.1 billion (+7.0%) in approvals for secondary market transactions, which more than offset a decrease of HK$0.4 billion (-17.6%) in approvals for primary market transactions. The amount of refinancing loans approved during the month edged up slightly to HK$3.9 billion (+1.1%). The number of new applications decreased by 11.6%.
The proportion of new loans approved at more than 2.5% below the best lending rate increased to 86.3% from 84.8% in May.
The outstanding value of mortgage loans increased by 0.7% to HK$589.7 billion.
The mortgage delinquency ratio declined to 0.06% while the rescheduled loan ratio remained unchanged at 0.15%. The combined ratio declined to a record low of 0.21% from 0.22% in May.
For further enquiries, please contact:
Peggy Lo, Manager (Press), at 2878 1687 or
Hing-fung Wong, Manager (Press), at 2878 1802
Hong Kong Monetary Authority
25 July 2008