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
Looking for properties to buy or rent? With >150,000 exclusive listings, including undervalued properties, from vetted Pro Agents, you can now easily find the right property on Malaysia's leading property portal EdgeProp! You can also get free past transacted data and use our proprietary Edge Reference Price tool, to make an informed purchase.