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The annualised rate of growth in lending over the last three months decreased to 3.9%, compared with 5.0% in the three-month period to February. The 12-month average of outstanding loans declined slightly to an annualised growth rate of 9.5% from 10.6% in February.
However, the amount of new loans approved but not yet drawn surged by 260.4% or $6.6 billion to $9.2 billion in March.
"These figures reflect the resurgence of activity in the property market and suggest that the growth rate of outstanding loans will be much higher in April," the Acting Deputy Chief Executive (Banking) of HKMA, Mr Peter Pang, said.
Lending for the purchase of properties in China increased by 2.3% to $4.70 billion in March from $4.6 billion in the preceding month. Gross loans made in March also rose both in number (to 293 from 83) and in amount (to $161 million from $50 million).
New loans approved in March increased in number (to 253 from 181) but the amount, at $112 million, remained the same as in the previous month.
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