HONG KONG: New mortgage loans drawn down in Hong Kong totalled HK$14.7 billion (RM6.03 billion) in August, down 27% from a month earlier, Hong Kong Monetary Authority (HKMA) data showed.

The value of new mortgage loans approved in August declined 10.3% from the previous month to HK$15.8 billion, the HKMA said.

Loan approvals for new property in August fell HK$2.5 billion or 9.2% from July, and loan demand for mortgages on existing properties decreased by HK$10.5 billion or 11.9%.

Approvals for refinancing loans dropped by HK$2.8 billion or 5.1% from July. — Reuters

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