HK drawn down mortgage loans rise 25.8 pct in Feb vs Jan

Mon Mar 26, 2012 6:31am EDT

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HONG KONG, March 26 (Reuters) - New mortgage loans drawn
down in Hong Kong totalled HK$7.6 billion ($978.39 million) in
February, up 25.8 percent from a month earlier, Hong Kong
Monetary Authority (HKMA) data showed on Monday.	
    The value of new mortgage loans approved in February
increased by 44.1 percent from the previous month to HK$14.4
billion, the HKMA said.	
    Loan approvals for new property in February increased by
HK$3.3 billion or 9.1 percent from January, while loan demand
for mortgages on existing properties edged up HK$9.6 billion or
68.9 percent.	
    Approvals for refinancing loans rose HK$1.5 billion, or 15.7
percent, from January.	
    Following is a summary of data from the authority for
February compared with January:	
    - The number of new mortgage applications rose 82.5 percent
to 10,485 cases against the previous month's 5,745 cases. The
HKMA said the figures in February reflected an increase in
residential property transaction volume, adding that the
low-base effect owing to the Lunar New Year holiday in January
may also have contributed to the month-on-month increases.	
    - The outstanding value of mortgage loans remained at about
HK$799.8 billion at end-February.	
    - The proportion of new mortgage loans priced with reference
to Hong Kong interbank offered rates (HIBOR) increased to 3.4
percent from 2.9 percent in January. N ew mortgage loans approved
in February priced with reference to best lending rates fell to
91.3 percent from the previous month's 93.6 percent, with
majority priced within the range of 2.25 and 2.5 percent.	
    - The mortgage delinquency ratio and the re-scheduled loan
ratio were steady at 0.01 percent and 0.02 percent.
 ($1 = 7.7679 Hong Kong dollars)	
	
 (Reporting by Christina Lo; Editing by Chris Lewis)
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