HK June mortgage loan approvals fall 7.8% y-o-y

HONG KONG: New mortgage loans approved in Hong Kong in June fell 7.8% from a year earlier and decreased 6.2% in value terms from May, figures from the Hong Kong Monetary Authority (HKMA) showed.

New loans approved in June totalled HK$35.4 billion (RM14.5 billion), the HKMA said on Tuesday, July 27. 

Month-on-month figures are not seasonally adjusted.

Loan approvals for new property in June rose 16.3% from May, while loan demand for mortgages on existing property dropped 3.1%.

Approvals for refinancing loans decreased by 21.9 percent against May.

The following is a summary of data from the authority for June compared with May:

- The number of new mortgage applications rose by 8.2 % to 21,947 from the previous month's 20,283.

- The value of new mortgage loans drawn down increased by 6.5% to HK$30.8 billion.

- The outstanding value of mortgage loans increased 0.6% to HK$679.5 billion.

- The mortgage delinquency ratio was steady at 0.03%, while the re-scheduled loan ratio fell to 0.05% from the previous month's 0.06%. -- Reuters