Wednesday, December 28, 2011

HK Nov mortgage loans drawn dn fall 8% vs Oct

HONG KONG (Dec 28): New mortgage loans drawn down in Hong Kong totalled HK$10.6 billion (US$1.36 billion) in November, down 8 percent from a month earlier, Hong Kong Monetary Authority (HKMA) data showed.

The value of new mortgage loans approved in November declined 4.7 percent from the previous month to HK$11.9 billion, the HKMA said on Wednesday

Loan approvals for new property in November rose 0.9 percent from the previous month to HK$2.2 billion, while loan demand for mortgages on existing PROPERTIES [] fell 10.3 percent to HK$7.4 billion. Approvals for refinancing loans rose 11.9 percent to HK$2.3 billion from October.

Following is a summary of data from the authority for November compared with October:

The number of new mortgage applications rose 7 percent to 7,074 cases against the previous month's 6,613 cases.

The outstanding value of mortgage loans increased by 0.2 percent to HK$802.3 billion.

The proportion of new mortgage loans priced with reference to Hong Kong interbank offered rates (HIBOR) decreased to 19.2 percent from 28.1 percent in October, mainly reflecting upward adjustments of mortgage rates by banks.

However, new mortgage loans approved in November priced with reference to best lending rates rose to 79.2 percent from the previous month's 69.7 percent, with the largest portion priced in the range of 2.25 percent to less than 2.5 percent.

The mortgage delinquency ratio remained unchanged at 0.01 percent in November and the re-scheduled loan ratio was steady at 0.02 percent. - Reuters

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