HK's new mortgage loans down 10.1 pct in February

21:02, March 25, 2010      

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Hong Kong's new mortgage loans drawn down in February dropped 1.5 percent to 17.1 billion HK dollars, while new loans approved fell 10.1 percent to 26.6 billion HK dollars, the city's Monetary Authority said Thursday.

The drop in approved new loans was due to reductions of 1.5 billion HK dollars or 49.1 percent in primary market transaction approvals and of 1.6 billion HK dollars or 7.2 percent in approvals for secondary market transactions.

Approvals for refinancing loans grew slightly. New applications fell to 16,398 from 19,157 in January.

About 34 percent of the new mortgage loans approved were priced with reference to best lending rates in February, the majority of which were in the price range of 2 percent to less than 2.25 percent. The proportion of new mortgage loans priced with reference to interbank best lending rates rose to 64.3 percent from 62.6 percent in January.

The outstanding value of mortgage loans grew 0.8 percent to 650.7 billion HK dollars. The mortgage delinquency ratio was unchanged at 0.03 percent while the rescheduled loan ratio edged down to 0. 08 percent in February. (7.8 HK dollars = 1 U.S. dollar)

Source: Xinhua
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