Residential mortgage loans in negative equity: End of June 2024
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority announced today (July 31) the results of its survey on residential mortgage loans (RMLs) in negative equity at end-June 2024.
The estimated number of RMLs in negative equity decreased to 30 288 cases at end-June 2024 from 32 073 cases at end-March 2024. These cases were mainly related to bank staff housing loans or RMLs under mortgage insurance programme, which generally have a higher loan-to-value ratio.
The aggregate value of RMLs in negative equity decreased to HK$155 billion at end-June 2024 compared with HK$165.3 billion at end-March 2024.
The unsecured portion of these loans decreased to HK$10 billion at end-June 2024 from HK$11.2 billion at end-March 2024.
The three-month delinquency ratio of RMLs in negative equity remained at a low level of 0.11 per cent at end-June 2024 as compared to 0.06 per cent at end-March 2024.
It is important to note that the figures derived from this survey relate only to RMLs provided by authorized institutions on the basis of first mortgages and which the reporting institution knows to be in negative equity (i.e. the outstanding loan amount with the reporting institution exceeds the current market value of the mortgaged property). Not included in these figures are RMLs associated with co-financing schemes which would be in negative equity if the second mortgages were taken into account. The extent to which such RMLs are in negative equity is not known because authorized institutions do not maintain records on the outstanding balances of the second mortgages.
The mortgage portfolios of the surveyed authorized institutions represent about 99% of the industry total. The survey results have been extrapolated to estimate the position of the banking sector as a whole.
Source: AI-generated images
Dazzling lantern display opens today at Hong Kong Cultural Centre Piazza to celebrate Lunar New Year with public
The Leisure and Cultural Services Department (LCSD) is presenting the Lunar New Year Lantern Display "Chinese Lanterns: An Enduring Heritage" at the Hong Kong Cultural Centre Piazza from today (January 23) until February 16 to celebrate the Year of the Snake with the public, and salute the profound and enduring heritage of Chinese culture. The lanterns will be illuminated from 6pm to 11pm daily.
Standing at the pool of the piazza is a 6-metre ornate palace lantern. The lantern is adorned with peonies and magpies, and surrounded by sky lanterns, carp fish and lotus flower lanterns, creating a joyful ambience. Another highlight is the exquisite "Glittering Fish・Lanterns with Abundant Blessings", organised by the Intangible Cultural Heritage Office and made by local paper-crafting master Mo Cheuk-kei. The design concept of the lantern is based on the style of traditional Lunar New Year paintings. The protagonists are a koi fish and a goldfish leaping out of the water, signifying abundance and prosperity. The koi and goldfish are playing with two little lions in cheongsam costumes, one holding a fortune stick container and the other holding huichun (spring scrolls), to wish for good fortune in the coming year. The exquisite lanterns vividly portray a festive scene just as a Lunar New Year painting comes to life, at the same time showcasing the meticulous paper-crafting technique of the master.
In addition to the above lantern display, the LCSD will also hold a Lunar New Year Lantern Carnival at the Hong Kong Cultural Centre Piazza from February 7 to 12. During the carnival, members of the public can appreciate spectacular lanterns and participate in lantern night events. The events offer a wide range of activities such as music and dance performances, breakdancing, a lion dance, a band performance, a lantern riddle quiz and more. Both the Lunar New Year Lantern Display and Lunar New Year Lantern Carnival are part of the activities of the Spring Festival Gala 2025.
For enquiries, please call 2591 1340 or visit the event webpage at:
www.lcsd.gov.hk/en/cpo/lanterncarnival.html.
Dazzling lantern display opens today at Hong Kong Cultural Centre Piazza to celebrate Lunar New Year with public Source: HKSAR Government Press Releases
Dazzling lantern display opens today at Hong Kong Cultural Centre Piazza to celebrate Lunar New Year with public Source: HKSAR Government Press Releases
Dazzling lantern display opens today at Hong Kong Cultural Centre Piazza to celebrate Lunar New Year with public Source: HKSAR Government Press Releases
Dazzling lantern display opens today at Hong Kong Cultural Centre Piazza to celebrate Lunar New Year with public Source: HKSAR Government Press Releases
Dazzling lantern display opens today at Hong Kong Cultural Centre Piazza to celebrate Lunar New Year with public Source: HKSAR Government Press Releases
Dazzling lantern display opens today at Hong Kong Cultural Centre Piazza to celebrate Lunar New Year with public Source: HKSAR Government Press Releases
Dazzling lantern display opens today at Hong Kong Cultural Centre Piazza to celebrate Lunar New Year with public Source: HKSAR Government Press Releases