HK Nov mortgage loan approvals jump on year

HONG KONG: New mortgage loans approved in Hong Kong in November rose 203.8% from a year earlier, but fell 11.1% from October for a fifth consecutive month-on-month decline, figures from the Hong Kong Monetary Authority (HKMA) showed, according to Reuters on Dec 29.

Month-on-month figures are not seasonally adjusted.

New loans approved in November totalled HK$25.8 billion (RM11.36 billion), compared with HK$29 billion in the previous month, the HKMA said.

Approvals for loans for new property increased 20.1% in value terms.

Approvals for mortgages for existing property fell 16.7% in value terms, while approvals for refinancing loans declined by 4.6%.

The number of new mortgage applications decreased 12.4% to 14,418 in November from the previous month's 16,461. The value of new mortgage loans drawn down was HK$20.9 billion, down 1.2% from the previous month.

The outstanding value of mortgage loans was up 0.9% from the previous month to HK$637 billion. The mortgage delinquency ratio was steady at 0.04%. -- Reuters