Residential mortgage survey results for October 2024
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority announced the results of the residential mortgage survey for October 2024.
The number of mortgage applications in October increased month-on-month by 46.5 per cent to 7 289.
Mortgage loans approved in October increased by 9.5per cent compared with September to HK$19 billion. Among these, mortgage loans financing primary market transactions decreased by 2.4per cent to HK$5.4 billion and those financing secondary market transactions increased by 14per cent to HK$11.4 billion. Mortgage loans for refinancing increased by 21.2per cent to HK$2.2 billion.
Mortgage loans drawn down during October decreased by 26.9per cent compared with September to HK$11.2 billion.
The ratio of new mortgage loans priced with reference to HIBOR increased from 88.6per cent in September to 89.2per cent in October. The ratio of new mortgage loans priced with reference to best lending rates decreased from 4.2per cent in September to 3.6per cent in October.
The outstanding value of mortgage loans remained virtually unchanged in October, standing at HK$1,872.8 billion at end-October.
The mortgage delinquency ratio stood at a low level of 0.12per cent and the rescheduled loan ratio was unchanged at nearly 0 per cent.
Monetary statistics for October 2024
The following is issued on behalf of the Hong Kong Monetary Authority:
According to statistics published today (November 29) by the Hong Kong Monetary Authority, total deposits with authorized institutions remained virtually unchanged in October 2024. Among the total, Hong Kong dollar deposits increased by 0.4 per cent, while foreign currency deposits decreased by 0.3per cent in October. In the year to end-October, total deposits and Hong Kong dollar deposits grew by 5.8per cent and 2.8per cent respectively. Renminbi deposits in Hong Kong decreased by 5.8per cent in October to RMB957.8 billion at the end of October, mainly reflecting fund flows of corporates. The total remittance of renminbi for cross-border trade settlement amounted to RMB 1,218.0 billion in October, compared with RMB1,267.2 billion in September. It should be noted that changes in deposits are affected by a wide range of factors, such as interest rate movements and fund-raising activities. It is therefore more appropriate to observe the longer-term trends, and not to over-generalise fluctuations in a single month.
Total loans and advances decreased by 1.1per cent in October, and decreased by 3.2per cent in the year to end-October. Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong both decreased by 1.1per cent in October. The Hong Kong dollar loan-to-deposit ratio decreased to 77.5per cent at the end of October from 78.4per cent at the end of September, as Hong Kong dollar deposits increased while Hong Kong dollar loans decreased.
Hong Kong dollar M2 and M3 both increased by 0.3per cent in October and both increased by 3.7per cent when compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 increased by 1.2per cent in October and increased by 3.4per cent compared to a year ago, reflecting in part investment-related activities. Total M2 and total M3 both increased by 0.2per cent in October. Compared to a year earlier, total M2 and total M3 both increased by 8.6 per cent.
As monthly monetary statistics are subject to volatilities due to a wide range of transient factors, such as seasonal and IPO-related funding demand as well as business and investment-related activities, caution is required when interpreting the statistics.
