Residential mortgage survey results for November 1994
The growth in residential mortgage loans for the purchase of properties in Hong Kong remained modest in November, according to a latest monthly survey conducted by the Hong Kong Monetary Authority (HKMA).
The latest figures show that the total amount of outstanding mortgage lending by the 33 institutions in the survey was up by 0.8% in November (0,2% in October), to $244.2 billion from $242.2 billion. The growth rate is below the monthly average of 1.03% over the last 12 months.
"The growth rate for November is in line with our expectation," the Executive Director (Banking Policy) of HKMA, Mr Peter Pang, said.
The annualised rate of growth in lending over the last three months increased to 7.2%, compared with 6.6% in the three-month period to October. The 12-month average of outstanding loans remained stable at an annualised rate of 12.4%, compared with 12.7% in October.
Following the 18% rise in October, new loans approved but not yet drawn increased moderately by 3.7% or $0.2 billion to $4.9 billion in November.
"These figures suggest that the growth of outstanding loans in December will continue to be modest," Mr Pang said.
Lending for the purchase of properties in China rose by 3.0% in November, to $4.46 billion from $4.33 billion. The growth rate was the same in October. The increase was largely due to lending for residential properties.
Gross loans made in November fell in number (to 376 from 450) but increased
in amount (to $200 million from $186 million).
New loans approved in November increased in both number (to 250 from 228) and in amount (to $173 million from $149 million).
End/Thursday, December 22, 1994
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