BT : HK's mortgage loan approval up 34% in May

Business Times - 29 Jun 2010

HK's mortgage loan approval up 34% in May

(HONG KONG) New mortgage loans approved in Hong Kong in May rose by 34.3 per cent from a year earlier and increased 0.1 per cent in value terms from April, figures from the Hong Kong Monetary Authority (HKMA) showed.

New loans approved in May totalled HK$37.8 billion (S$6.74 billion), the HKMA said yesterday. Month-on-month figures are not seasonally adjusted.

Loan approvals for new property rose 0.7 per cent month-on-month in May, while loan demand for mortgages on existing property fell 4.5 per cent. Approvals for refinancing loans increased by 10.5 per cent against April.

Following is a summary of data from the authority for May compared with April: The number of new mortgage applications fell 11.1 per cent to 20,283 from the previous month's 22,818.

· The value of new mortgage loans drawn down increased by 12.7 per cent to HK$28.9 billion.

· The outstanding value of mortgage loans increased 1.5 per cent to HK$675.6 billion.

· The mortgage delinquency ratio and re-scheduled loan ratio were steady at 0.03 per cent and 0.06 per cent, respectively. -- Reuters

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