Hong Kong’s mortgage loans drop 18.2% in July: HKMA

Applications also fell to 8,086.

Hong Kong saw lower demand for mortgages in July, according to data from the Hong Kong Monetary Authority (HKMA)

The number of mortgage loans approved was HK$28.1b in July, 18.2% lower than in June.

Applications also fell 2% month-on-month to 8,086.

Mortgage loans for new homes dived 23.6% to HKL$5.9b, whilst loans for financing resale homes also dropped 24% to HK$13.4b.

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Loans for refinancing also dipped 2.6%, to HK$8.9b.

Mortgage loans drawn down during July decreased by 7.7% compared with June to HK$26.3b. 

The outstanding value of mortgage loans rose by 0.6% to HK$1,851.5b at end-July. 

The mortgage delinquency ratio remained unchanged at 0.07%, and the rescheduled loan ratio remained unchanged at nearly 0%.