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Residential mortgage survey results for September released
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The growth of residential mortgage loans for the purchase of properties in Hong Kong picked up at a moderate rate in September, 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 increased by 1% in September (0.6% in August) to $307.8 billion. The growth rate is lower than the monthly average of 1.3% over the last 12 months.
"As expected, the growth of residential mortgage lending picked up during the month given the increased activity in the property market in August," said the Deputy Chief Executive of HKMA, Mr David Carse.
The annualised rate of growth in lending over the last three months decreased to 12.8% from 14.3% in the three-month period to August. The 12-month average of outstanding loans showed an annualised growth rate of 15.5%, compared with 16.2% in August.
The amount of new loans approved but not yet drawn rose by $1.9 billion (22.9%) to $10 billion in September.
"Judging from these figures and the sustained trading activity in the property market in September, the growth rate of outstanding loans is likely to be higher in October," said Mr Carse.
The amount of residential mortgage loans associated with co-financing schemes accounted for 3.3% of total mortgage lending of the 33 surveyed institutions at end- September. Of the $14.2 billion new loans approved during September, about 85% were accounted for by properties aged 15 years or below.
Lending for the purchase of properties in China increased by 0.7% to $5.9 billion in September.
Gross loans made in September decreased both in number (to 214 from 346) and in amount (to $133 million from $165 million). New loans approved in September decreased in number (to 316 from 338) but increased in amount (to $308 million from $238 million).
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