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Residential mortgage survey results for February
The growth of residential mortgage loans for the purchase of properties in Hong Kong grew at a faster rate in February, 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 in the survey grew by 1.6% in February (1.2% in January) to $280.6 billion. The growth rate is higher than the monthly average of 1.4% over the last twelve months.
"The higher growth in lending reflected the increased activity in the primary market in January," said the Executive Director (Banking Policy) of HKMA, Mr Peter Pang.
The annualised rate of growth in lending over the last three months increased to 17% from 15.8% in the three-month period to January. The 12-month average of outstanding loans showed an annualised growth rate of 17.2%, compared with 15.7% in January.
The amount of new loans approved but not yet drawn increased by $1.3 billion (22.7%) to $7.1 billion in February.
"Judging from these figures and the sustained trading activities in the primary market in February, the growth of outstanding loans should continue at a rapid pace in March," said Mr Pang.
Lending for the purchase of properties in China increased by 0.2% to $5.4 billion in February. Gross loans made in February decreased both in number (to 185 from 293) and in amount (to $88 million from $147 million).
New loans approved in February decreased in number (to 260 from 279) but increased in amount (to $149 million from $146 million).