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"The growth of residential mortgage lending in March reflected a continued rebound in activity in the property market," said Mr David Carse, the Deputy Chief Executive (Banking) of HKMA.
The annualised rate of growth in lending over the last three months increased to 18% from 17% in the three-month period to February. The twelve-month average of outstanding loans showed an annualised growth rate of 18.4%, compared with 17.2% in February.
The amount of new loans approved but not yet drawn increased by $0.5 billion (6.9%) to $7.6 billion in March. "Judging from these figures and the increased trading activity in both the primary and secondary market in March, the rapid growth of loans is expected to continue in April," said Mr Carse.
Lending for the purchase of properties in China increased by 1% to $5.4 billion in March. Gross loans made in March increased both in number (to 342 from 185) and in amount (to $154 million from $88 million). New loans approved in March also increased both in number (to 363 from 260) and in amount (to $153 million from $149 million).