XN000022-1995-01-25 — Page 4

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months.

The growth rate is below the monthly average of 1.03% over the last 12

"The growth rate for December was a continuation of the slower trend of the last few months," the Deputy Chief Executive (Banking) of HKMA, Mr David Carse, said.

"While this reflects the current lower level of activity in the property market. seasonal factors may also have played a part."

The annualised rate of growth in lending over the last three months decreased slightly to 6.8%, compared with 7.2% in the three-month period to November. The 12-month average of outstanding loans was stable at an annualised rate of 12.4%, the same as in the previous month.

The amount of new loans approved but not yet drawn fell significantly by 38.7% or $1.9 billion to $3.0 billion in December. "These figures suggest that the growth of outstanding loans will slow further in January," Mr Carse said.

Lending for the purchase of properties in China grew by 0.6% in December to $4.49 billion, compared with the 3.0% growth in November. The increase was entirely attributable to the growth of loans for the purchase of residential properties.

Gross loans made in December fell both in number (to 282 from 376) and in amount (to $121 million from $200 million).

New loans approved in December decreased in number (to 213 from 249) but slightly increased in amount (to $179 million from $173 million).