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May mortgage loan approvals up 34% y-o-y

HONG KONG: New mortgage loans approved in Hong Kong in May rose by 34.3% from a year earlier and increased 0.1% in value terms from April, figures from the Hong Kong Monetary Authority (HKMA) showed.

New loans approved in May totalled HK$37.8 billion (RM15.6 billion), the HKMA said on Monday, June 28.

Month-on-month figures are not seasonally adjusted. Loan approvals for new property rose 0.7% month-on-month in May, while loan demand for mortgages on existing property fell 4.5%.

Approvals for refinancing loans increased by 10.5% against April

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

- The number of new mortgage applications fell 11.1% to 20,283 from the previous month's 22,818.

- The value of new mortgage loans drawn down increased by 12.7% to HK$28.9 billion.

- The outstanding value of mortgage loans increased 1.5% to HK$675.6 billion.

- The mortgage delinquency ratio and re-scheduled loan ratio were steady at 0.03%a nd 0.06%, respectively.
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