XN000022-1996-01-23 — Page 18

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17.

Mr Sankey, aged 51, joined the Government as a Treasury Accountant in 1974. He has worked in a number of branches including the Economic Services Branch and Finance Branch. He was promoted to his present rank of Principal Assistant Financial Secretary in 1986. He was appointed as Deputy Head of the Efficiency Unit in May 1992 when the unit was first set up.

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Residential mortgage survey results for December 1995

Residential mortgage loans for the purchase of properties in Hong Kong grew at a higher rate in December, 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 covered in the survey grew by 1.4% in December (1.2% in November) to $272.7 billion. (The percentage change has been adjusted to allow for sale and reclassification of loans by some institutions amounting to $0.6 billion during the month). The growth rate is above the monthly average of 1.2% over the last 12 months.

"The higher rate of loan growth in December largely reflects the drawdown of loans associated with the increased property transactions in the preceding month," said the Deputy Chief Executive (Banking) of HKMA, Mr David Carse.

The annualised rate of growth in lending over the last three months fell to 13.5% from 14.4% in the three-month period to November. The 12-month average of outstanding loans showed an annualised growth rate of 15.0%, compared with 14.2% in November.

The amount of new loans approved but not yet drawn decreased by $1.7 billion (24.6%) to $5.3 billion in December. "These figures suggest that trading activity in the property market slowed somewhat in the month and hence the outstanding residential mortgage loans in January should grow at a reduced rate," said Mr Carse.

Lending for the purchase of properties in China increased by 0.5% to $5.3 billion in December. Gross loans made in December decreased both in number (to 131 from 186) and in amount (to $118 million from $138 million). New loans approved in December also decreased both in number (to 222 from 255) and in amount (to $131 million from $145 million).