XN000022-1994-09-22 — Page 11

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THURSDAY, SEPTEMBER 22, 1994

RESIDENTIAL MORTGAGE SURVEY RESULTS FOR AUGUST 1994

* * * *

PROPERTIES IN ΤΟ A LATEST

RESIDENTIAL MORTGAGE LOANS FOR THE PURCHASE OF KONG GREW MODERATELY FASTER IN AUGUST, ACCORDING MONTHLY SURVEY CONDUCTED BY THE HONG KONG MONETARY AUTHORITY (HKMA).

HONG

OF OUTSTANDING THE LATEST FIGURES SHOW THAT THE TOTAL AMOUNT

INCREASED BY MORTGAGE LENDING BY THE 33 INSTITUTIONS IN THE SURVEY 0.7 PER CENT, TO $239.9 BILLION IN AUGUST FROM $238.3 BILLION IN JULY.

THIS COMPARES WITH A GROWTH RATE OF 0.4 PER CENT IN JULY, AUGUST GROWTH RATE WAS BELOW THE MONTHLY AVERAGE OF 1.1 PER CENT THE LAST 12 MONTHS.

THE OVER

"IT

"THE GROWTH RATE FOR AUGUST IS IN LINE WITH OUR EXPECTATIONS," ACTING CHIEF EXECUTIVE OF HKMA,

DAVID CARSE, MR

SAID. DEMONSTRATES THE MORE HEALTHY TREND IN MORTGAGE LENDING FOLLOWING GOVERNMENT'S MEASURES TO DAMPEN PROPERTY PRICES."

THE ANNUALISED RATE OF GROWTH IN LENDING OVER THE MONTHS HAS FURTHER DROPPED TO 11.9 PER CENT, COMPARED WITH CENT IN THE THREE-MONTH PERIOD TO JULY.

THE

LAST THREE 15.1 PER

SLOWED PER

MOREOVER, THE 12-MONTH AVERAGE OF OUTSTANDING LOANS HAS TO AN ANNUALISED GROWTH RATE OF 13.4 PER CENT, COMPARED WITH 14.9 CENT IN JULY.

NEW LOANS APPROVED BUT NOT YET DRAWN INCREASED SLIGHTLY BY $0.1 BILLION, TO $4.1 BILLION IN AUGUST FROM $4.0 BILLION IN JULY.

FROM "JUDGING

WILL REMAIN

THESE MODEST

THAT THE WE

GROWTH

NOT

IN HOWEVER POLICIES,

**

FIGURES, I EXPECT LENDING

IN

SEPTEMBER.

ARE RECOMMENDING ANY RELAXATION IN THE BANKS' CAUTIOUS LENDING MR CARSE SAID.

BILLION, INCREASE WAS

TOTAL LENDING FOR THE PURCHASE OF PROPERTIES IN CHINA INCREASED

BILLION PER BY 0.3

FROM $4.08 CENT IN AUGUST, TO $4.09 COMPARED WITH 1.8 PER CENT GROWTH IN JULY. THE AUGUST WHOLLY DUE TO LENDING FOR RESIDENTIAL PROPERTIES.

GROSS LOANS MADE IN AUGUST DECREASED BOTH IN NUMBER, FROM 339, AND IN AMOUNT, TO $104 MILLION FROM $171 MILLION.

TO 251

NUMBER,

TO

NEW LOANS APPROVED IN AUGUST ALSO DROPPED BOTH IN 237 FROM 347, AND IN AMOUNT, TO $113 MILLION FROM $181 MILLION.

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J