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
Hong Kong's presence at International Dragon Boat Federation Club Crew World Championships held in Ravenna, Italy
Attracting over 7 000 athletes and coaches from 30 different countries and regions, along with 50 000 spectators over six days, the 14th International Dragon Boat Federation (IDBF) Club Crew World Championships was held in Ravenna, Italy, from September 3 to 8, 2024, with the support from the government of Emilia-Romagna Region and other institutional partners and businesses in Italy. A total of five club teams from Hong Kong with over 200 athletes participated in this championships.
The Hong Kong Economic and Trade Office in Brussels (HKETO, Brussels) sponsored the championship to further strengthen Hong Kong's presence in Italian sports and cultural events, as well as to promote Hong Kong as the capital of mega events.
At the VIP dinner held on September 7 (Ravenna time) in Ravenna, Deputy Representative of HKETO, Brussels Miss Fiona Li thanked the Hong Kong teams for demonstrating the "Hong Kong spirit" during the race. She said that the Government of Hong Kong Special Administrative Region is committed to supporting Hong Kong athletes and promoting sports, citing Hong Kong's historic achievement of home-grown athletes capturing two gold medals and two bronze medals at the 2024 Paris Olympic Games, as well as outstanding results at the Paralympics Games.
The IDBF will also organise the Asian Championships in Hong Kong in October 2024 and the World Championships in Hong Kong in 2027. Not surprised by Hong Kong being chosen to host these events, Miss Li invited guests at the dinner to visit Hong Kong. "The upcoming dragon boat championships will be the perfect opportunity for you to visit Hong Kong and experience Hong Kong's unique glamour," she said.
In the coming months, Hong Kong will host a great number of international sports tournaments such as the Hong Kong Cyclothon and Harbour Race; arts and cultural showcases including the debut Hong Kong Performing Arts Expo; and business conferences including Fintech Week and Hong Kong Maritime Week and many more. "You will be amazed by our museums, food, nature, architecture, markets, shopping, attractions, events and so much more," Miss Li added.
HKETO, Brussels has been sponsoring dragon boat races in different cities across Europe to promote Hong Kong's presence, including Antwerp in Belgium, and Barcelona in Spain.
Hong Kong's presence at International Dragon Boat Federation Club Crew World Championships held in Ravenna, Italy Source: HKSAR Government Press Releases
Hong Kong's presence at International Dragon Boat Federation Club Crew World Championships held in Ravenna, Italy Source: HKSAR Government Press Releases
