HONG KONG: The estimated number of residential mortgage loans (RMLs) in negative equity in Hong Kong fell 44 percent to 466 cases at the end of December from 835 cases at the end of September as property prices rose, data from the Hong Kong Monetary Authority showed.
The aggregate value of RMLs in negative equity declined to HK$700 million ($89.7 million) at the end of December, from HK$1.5 billion in September.
The unsecured portion of these loans decreased to HK$100 million from HK$200 million three months earlier.
The three-month delinquency ratio of mortgages in negative equity fell to 0.57 percent from 0.82 percent at the end of September.
Loans in negative equity means the outstanding loan amount exceeds the market value of the mortgaged property. After a property market crash a decade ago, negative equity cases hit a record 106,000 cases in June 2003. ($1=HK$7.8). - Reuters
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