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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) announced the results of the residential mortgage survey for July 2014.
Mortgage loans drawn down during July increased by 5.9% compared with June to HK$18.6 billion.
Mortgage loans approved in July increased by 12.9% compared with June to HK$28.3 billion. Among these, mortgage loans financing primary market transactions increased by 39.6% to HK$6.7 billion and those financing secondary market transactions increased by 6.5% to HK$17.8 billion. Mortgage loans for refinancing increased by 6.8% to HK$3.8 billion.
The number of mortgage applications in July increased month-on-month by 11.2% to 12 728.
New mortgage loans priced with reference to best lending rates decreased from 21% in June to 17.4% in July with majority priced within the range of 2% and 2.25%. New mortgage loans priced with reference to HIBOR increased from 76.7% in June to 80.2% in July.
The outstanding value of mortgage loans increased month-on-month by 0.6% to HK$940 billion at end-July.
The mortgage delinquency ratio slightly increased to 0.03% and the rescheduled loan ratio remained unchanged at nearly 0%.
Ends/Wednesday, August 27, 2014
Issued at HKT 16:30
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