Hong Kong August mortgage loan approvals drop 28.2 percent

Hong Kong mortgage loan approvals fell 28.2 percent to HK$32.2 billion in August from July, with applications also declining, according to the Hong Kong Monetary Authority.

Mortgage applications dropped 8.3 percent month on month to 8,446.

Loans financing primary market transactions slid 31.8 percent to HK$9.1 billion, while those for secondary market transactions fell 36.7 percent to HK$15.3 billion.

Refinancing loans rose 6.8 percent to HK$7.8 billion.

Mortgage loans drawn down in August increased 11.6 percent from July to HK$32.8 billion.

The share of new mortgages priced with reference to the Hong Kong Interbank Offered Rate (HIBOR) fell to 57 percent in August from 61 percent in July, while the share priced with reference to best lending rates rose to 1.9 percent from 1.3 percent.

The outstanding value of mortgage loans edged up 0.6 percent month on month to HK$1.98 trillion at end-August.

The mortgage delinquency ratio stayed low at 0.11 percent, and the rescheduled loan ratio was unchanged at nearly 0 percent.

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