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Residential mortgage survey results for November 1995
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Residential mortgage loans for the purchase of properties in Hong Kong grew at a faster pace in November, according to the results of the 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 covered in the survey grew by 1.2% in November (0.7% in October) to $269.6 billion. This corresponds with the average monthly growth rate of 1.2% over the last 12 months.
"Apart from the drawdown of loans associated with primary market sales in October, the increase in November may also reflect some revival in secondary market activity," the Deputy Chief Executive (Banking) of HKMA, Mr David Carse, said.
The annualised rate of growth in lending over the last three months rose to 14.4% from 13% in the three-month period to October. The 12-month average of outstanding loans showed an annualised growth rate of 14.2%, compared with 13.8% in October.
The amount of new loans approved but not yet drawn increased by $1.5 billion (26.4%) to $7.1 billion in November. "Judging from these figures, the growth of outstanding residential mortgage loans is expected to continue at a higher rate in December," said Mr Carse.
Lending for the purchase of properties in China increased by 1.2% to $5.3 billion in November. Gross loans made in November increased both in number (to 186 from 176) and in amount (to $138 million from $130 million). New loans approved in November increased in number (to 255 from 241) but fell in amount (to $145 million from $152 million).