Hong Kong mortgages in negative equity rose to over 40,700 in March

The three-month delinquency ratio rose slightly.

The number of mortgage loans in Hong Kong that are in negative equity increased to 40,741 cases as of end-March 2025, compared to just 38,389 cases in December 2024.

These cases were mainly related to bank staff housing loans or residential mortgage loans (RMLs) under mortgage insurance programmes, the Hong Kong Monetary Authority (HKMA) said.

The three-month delinquency ratio of RMLs in negative equity is at 0.17% by the end of the first quarter, from 0.15% at the end of December 2024.

The aggregate value of RMLs in negative equity rose to HK$205.9b at end-March 2025, from HK$195.1b at the end of 2024.

A mortgage loan in negative equity means that the value of a property falls below the remaining value of the mortgage that the property owner is paying back, according to a definition by UK lender Lloyds Bank.

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Hong Kong Monetary Authority

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