As mortgage market remains tepid.
According to CCB International, loan growth posted a moderate rebound (+0.9% MoM, +17.7% YoY) after a weak October while system deposits had another strong month (+1.0% MoM, +11.2% YoY).
Total system loan-to-deposit ratio decreased 10bp to 71.3% while HKD LDR fell 50bp to 81.4%. RMB deposits continue to record strong growth (+5.8% MoM) to 827b, and now make up 11.6% of total system deposits.
The mortgage market remains tepid as mortgage loans approved were down slightly (-2.1% MoM) at HK$14.6b. After three months of increases, the value of primary market transactions posted a moderate decline (-2.3% MoM) to HK$3.5b. Share of HIBOR-based mortgages increased 420bp to 30.5% and total outstanding system mortgages remained broadly flat (+0.2% MoM) at HK$903.6b.
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