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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 November 2014.
The number of mortgage applications in November decreased month-on-month by 13.5 per cent to 10,118.
Mortgage loans approved in November decreased by 16.1 per cent compared with October to HK$23.8 billion. Among these, mortgage loans financing primary market transactions decreased by 26.7 per cent to HK$5.8 billion and those financing secondary market transactions decreased by 12.5 per cent to HK$13.9 billion. Mortgage loans for refinancing decreased by 10 per cent to HK$4.1 billion.
Mortgage loans drawn down during November decreased by 9.6 per cent compared with October to HK$20.9 billion.
New mortgage loans priced with reference to best lending rates increased from 13.4 per cent in October to 13.9 per cent in November with majority priced within the range of 2 per cent and 2.25 per cent. New mortgage loans priced with reference to HIBOR decreased from 84.7 per cent in October to 83.9 per cent in November.
The outstanding value of mortgage loans increased month-on-month by 1 per cent to HK$976 billion at end-November.
The mortgage delinquency ratio remained unchanged at 0.02 per cent and the rescheduled loan ratio remained unchanged at nearly 0 per cent.
Ends/Wednesday, December 31, 2014
Issued at HKT 16:35
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