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HK's negative equity cases rise sharply in Q3

(Xinhua)

10:51, October 29, 2011

HONG KONG, Oct. 28 (Xinhua) -- The estimated number of Hong Kong's residential mortgage loans in negative equity increased from 48 cases at the end of June to 1,653 cases at the end of September, the Monetary Authority said on Friday.

Most negative-equity cases were related to mortgage loans with a loan-to-value ratio at 90 percent or above, including staff housing loans and loans under the mortgage-insurance program, the statement said.

The aggregate value in negative equity rose to 4.148 billion HK dollars at the end of September compared with 58 million HK dollars at the end of June, representing 0.5 percent of the total amount of outstanding mortgage loans at the end of September.

The unsecured portion of these loans increased to around 165 million HK dollars from 18 million HK dollars in the third quarter. (One U.S. dollar is about 7.8 HK dollars)

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