Revival of activity,
of activity, the building,
the building, construction and property development sector remained rather depressed. However, loans
to
individuals to purchase residential property including
flats in the Home Ownership Scheme and Private Sector
Participation Scheme rose by 20.6%, compared with 9.8% during
the second half of 1982. Given that the
the average level of
mortgage interest rates in the first half of 1983 was roughly
as in the second half of 1982 and that there was
three percentage points rise in the best lending rate during
the second quarter, this suggests an increased interest in
buying residential property (mostly small flats).
Interest rates
3.10
remained stable
Interest rates in Hong Kong throughout the first quarter. There were then two upward adjustments in deposit rates by the Hong Kong Association of Banks (11).
note-issuing
The best lending rate charged by the two
banks was also adjusted upwards, on the first
(11)
/occasion
Interest rates paid by members of the Hong Kong Association of Banks, and the best lending rate of the note-issuing banks:
Effective 7 days'
from
30.12.82 4 3/4%
call
3 months
6 months
12 months Savings
BLR
7 1/2%
7 3/48
8%
4 3/4%
10 1/2%
20. 4.83
5 1/28
8 1/28
8 3/48
98
5 1/2%
11 1/28
24. 5.83
7 1/2%
10 1/2%
10 3/4%
118
7 1/2%
13 1/28
6. 7.83
6 1/2%
9 1/2%
9 3/4%
10%
6 1/2%
12 1/2%
25. 7.83
5 1/2%
8 1/2%
8 3/4%
9%
5 1/28
11 1/28
29