The annualised rate of growth in lending over the last three months decreased to 19% from 19.8% in the three-month period to April. The 12-month average of outstanding loans showed an annualised growth rate of 16.4%, compared with 17.7% in April.
The amount of new loans approved but not yet drawn increased by a substantial $6.1 billion (77.9%) to $13.9 billion in May.
"While these figures have no doubt been inflated by refinancing demand, they suggest that the outstanding loans will grow at a rapid rate in June," said Mr Carse.
The amount of residential mortgage loans associated with co-financing schemes accounted for 2.5% of total outstanding mortgage loan of the 33 surveyed institutions at end-May. Of the $19.9 billion new loans approved during May, about 85% were accounted for by properties aged 15 years or below.
in May.
Lending for the purchase of properties in China increased by 1% to $5.5 billion
Gross loans made in May decreased in number (to 266 from 300) but increased in amount (to $162 million from $143 million). New loans approved in May increased both in number (to 425 from 286) and amount (to $256 million from $198 million),