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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 August 2014.
The number of mortgage applications in August decreased month-on-month by 7.9% to 11,719.
Mortgage loans approved in August decreased by 3.2% compared with July to HK$27.4 billion. Among these, mortgage loans financing primary market transactions increased by 1.8% to HK$6.9 billion and those financing secondary market transactions decreased by 6.4% to HK$16.6 billion. Mortgage loans for refinancing increased by 2.9% to HK$3.9 billion.
Mortgage loans drawn down during August increased by 1.4% compared with July to HK$18.9 billion.
New mortgage loans priced with reference to best lending rates decreased from 17.4% in July to 15.7% in August with majority priced within the range of 2% and 2.25%. New mortgage loans priced with reference to HIBOR increased from 80.2% in July to 81.9% in August.
The outstanding value of mortgage loans increased month-on-month by 0.7% to HK$946.6 billion at end-August.
The mortgage delinquency ratio remained unchanged at 0.03% and the rescheduled loan ratio remained unchanged at nearly 0%.
Ends/Friday, September 26, 2014
Issued at HKT 17:05
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