Mortgage loans in Hong Kong drops by nearly 10% in December

Loans stood at HK$25.6b during the month, the Monetary Authority reported.

Residential mortgage loans approved in December declined by 9.4% in December to HK$25.6b, the Hong Kong Monetary Authority reported. 

In particular, the mortgage loans financing primary market transactions dropped by 14.3% to HK$7b, whilst financing in the secondary market transactions inched up by 0.4% to $12.5b. Loans for refinancing fell 20.2% to HK$6b.

Read more: Approved mortgage loans drop 4.7% MoM in October

Moreover, mortgage loans drawn down climbed by 2.8% to HK$21.9b over the same period.

The number of mortgage applications in December stood at 7,510, a month-on-month, reflecting a 3.6% decrease. Meanwhile, the outstanding value of mortgage loans increased by 0.4% to HK$1.8099t at the end of December.