XN000022-1995-03-22 — Page 6

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"We are considering a number of purchasing and leasing options to meet identified accommodation shortfalls.

"Our present top priority is to provide accommodation for the Legal Department and Judiciary which currently have serious shortfalls of space."

End/Wednesday, March 22, 1995

Residential mortgage survey results for February 1995

The growth in residential mortgage loans for the purchase of properties in Hong Kong remained modest in February, according to 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 grew by 0.2% or $0.5 billion in February (0.4% in January) to $238.6 billion. The growth rate is below the monthly average of 0.88% over the last 12 months.

The annualised rate of growth in lending over the last three months was 5.0%, compared with 7.6% in the three-month period to January.

The 12-month average of outstanding loans dropped to an annualised growth rate of 10.6% from 11.5% in January.

"These figures reflect the sluggish market activity in the carly part of the year," said Mr David Carse, the Deputy Chief Executive (Banking) of HKMA. "More show up in recently however the market seems to have revived somewhat, which may the figures for later months."

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The amount of new loans approved but not yet drawn decreased by 5.0% or $0.1 billion to $2.56 billion in February.

Lending for the purchase of properties in China slightly fell by 0.3% to $4.60 billion in February, compared with the 2.6% growth in January.

Gross loans made in February decreased both in number (to 83 from 368) and

in amount (to $50 million from $168 million).

New loans approved in February also dropped both in number (to 181 from 242) and in amount (to $112 million from $186 million).