Hong Kong mortgage approvals declined 11.4 percent month on month to HK$44.8 billion in July, while drawdowns and outstanding balances rose, data from the Hong Kong Monetary Authority showed on Monday.
Applications fell 24 percent to 9,212, with approvals for primary-market transactions falling 14.1 percent to HK$13.3 billion, and those for secondary-market deals dropped 16.4 percent to HK$24.2 billion.
Refinancing, however, grew 18.4 percent to HK$7.3 billion, and drawdowns increased 6 percent to HK$29.4 billion. Outstanding loans inched up 0.4 percent to HK$1,963.5 billion.
The Hong Kong Interbank Offered Rate-linked new mortgage loan ratio dropped to 61 percent in July from 70 percent in June, while best lending rate-linked loans stayed at 1.3 percent. Delinquency remained negligible at 0.11 percent.
