New drawn-down mortgage loans in Hong Kong hit HK$7.6 billion (S$1.23 billion) last month, up 25.8 percent from January, according to data from the Hong Kong Monetary Authority (HKMA).
It noted that the value of new loans approved last month rose 44.1 percent to HK$14.4 billion (S$2.33 billion). Approvals for refinancing loans also soared 15.7 percent to HK$1.5 billion (S$243.18 million), while new mortgage applications jumped 82.5 percent to 10,485 cases from 5,745 cases in the previous month.
The HKMA said February’s figures reflected an increased volume in residential property transactions. It added that the low base effect due to the Chinese New Year holiday in January may have also contributed to the month-on-month increases.
Meanwhile, the outstanding value of loans remained unchanged at HK$799.8 billion (S$129.64 billion) as of end-February.
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