Hong Kong mortgage loans drawdown rises by 9.9%

This was translated to $1.69b in loans.

Hong Kong’s mortgage applications rose by 11.7% month-on-month (MoM) to 9,629 in April, data from the Hong Kong Monetary Authority (HKMA) showed.

Approved mortgage loans surged by 52.4% MoM to HK$29.00b ($3.77b). 

Primary market transactions saw an increase of 64.8%MoM to HK$11.10b ($1.44b), whilst secondary market transactions increased by 64.2% MoM to HK$15.30b ($1.99b). 

Refinancing loans, however, decreased by 12.7% MoM to HK$2.60b ($0.34b).

Mortgage loans drawndown during April rose by 9.9% to HK$13.00b ($1.69b) compared to March.

The proportion of new mortgage loans linked to HIBOR decreased slightly from 93.1% in March to 93% in April.

Loans based on best lending rates also decreased from 2.5% to 2.2% over the same period.

The outstanding value of mortgage loans remained steady at HK$1,853.2b ($240.91b) by the end of April.

The mortgage delinquency ratio stayed at 0.09% and the rescheduled loan ratio remained unchanged at nearly 0%.

($1.00 = HK$7.81)