Hong Kong February mortgage demand falls 10% versus January

HONG KONG: New mortgage loans approved in Hong Kong in February fell 10.1% in value terms from January, but were up 132.8% from the same period a year earlier, data from the Hong Kong Monetary Authority (HKMA) showed.

New loans approved in February totalled HK$26.6 billion (RM11.31 billion), down from HK$29.6 billion in the previous month, the HKMA said on Thursday (March 25).

Month-on-month figures, however, are not seasonally adjusted.

Loan approvals for new property dropped 49.1% month on month in February, while loan demand for mortgages on existing property eased 7.2%.

Approvals for refinancing loans increased by 2.41% against January.

Following is a summary of data from the authority for February compared with January:

* The number of new mortgage applications fell 14.4% to 16,398 from the previous month's 19,157.

* The value of new mortgage loans drawn down declined by 1.5% to HK$17.1 billion.

* The outstanding value of mortgage loans increased 0.8% to HK$650.7 billion.

* The mortgage delinquency ratio was steady at 0.03%. -- Reuters