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 2016.
 
     The number of mortgage applications in August increased month-on-month by 29.4% to 13 300.  
 
     Mortgage loans approved in August increased by 29.5% compared with July to HK$29.6 billion.  Among these, mortgage loans financing primary market transactions increased by 24.4% to HK$5.7 billion and those financing secondary market transactions increased by 25.4% to HK$16.7 billion.  Mortgage loans for refinancing increased by 44.9% to HK$7.2 billion. 

     Mortgage loans drawn down during August increased by 10.1% compared with July to HK$17.4 billion. 
       
     The ratio of new mortgage loans priced with reference to best lending rates decreased from 3.8% in July to 3% in August, with the majority priced within the range of 2% and 2.25%. The ratio of new mortgage loans priced with reference to HIBOR increased from 92.6% in July to 93.4% in August.  The ratio of mortgage loans priced at fixed rates decreased from 2.2% in July to 1.7% in August.
 
     The outstanding value of mortgage loans increased month-on-month by 0.2% to HK$1,088.6 billion at end-August. 
 
     The mortgage delinquency ratio remained unchanged at 0.04% and the rescheduled loan ratio remained unchanged at nearly 0%.

Ends/Friday, September 30, 2016
Issued at HKT 17:35

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