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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority announced the results of the residential mortgage survey for May 2010.
New mortgage loans drawn down during May increased by 12.7% to HK$28.9 billion compared with April.
New loans approved grew by 0.1% to HK$37.8 billion. Approvals for primary market transactions were little changed at HK$4.7 billion. Approvals for secondary market transactions fell by HK$1.0 billion while approvals for refinancing loans increased by HK$1.1 billion. The number of new applications dropped by 11.1% to 20,283.
Around 16% of the new mortgage loans approved were priced with reference to best lending rates in May, the majority of which 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 82.7% from 80.9% in April.
The outstanding value of mortgage loans increased by 1.5% to HK$675.6 billion.
Both the mortgage delinquency ratio and rescheduled loan ratio remained at 0.03% and 0.06% respectively in May.
For further enquiries, please contact:
Peggy Lo, Manager (Communications), at 2878 1687 or
Anissa Wong, Manager (Communications), at 2878 1802
Ends/Monday, June 28, 2010
Issued at HKT 16:30
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