Chung Yuan Mortgage: Hong Kong property market continues to stabilize and improve. The number of mortgage registrations for new buildings in October increased by 7.1% compared to the previous month.

Wang Meifeng, the Executive Director of Zhongyuan Mortgage, stated that according to the data from the research department of Zhongyuan Mortgage, there were 6,463 registrations for existing property mortgages in October, an increase of 7.1% compared to the previous month. The property market continues to stabilize and improve, driving the number of registrations for existing property mortgages to exceed 6,000 for the third consecutive month. In October, there were 595 registrations for new property mortgages, a decrease of 44% from the previous month, mainly due to a decrease in the volume of new large-scale developments that month. Wang Meifeng expects that in recent months, the property market has shown a sustained momentum that has not been seen in years, reflecting strengthened market confidence in the property market recovery. In addition, the interest rate cut in the United States in October led to a decrease in interest rates in Hong Kong, reducing the cost of property ownership and easing the burden of property supply. This is expected to further drive tenants to become buyers, investors to purchase and rent out properties, and encourage investment at a time of low prices. As interest rates have fallen to zero, investors are seeking better returns, which is expected to attract more capital into the market. It is expected that mortgage registration numbers will remain stable and improve, and mortgage registration volume for the year is expected to return to positive growth. In October, BOC Hong Kong's market share of existing property mortgages decreased by 1.6 percentage points to 33.5%; HSBC's market share decreased by 0.1 percentage points to 19.9%, ranking second; Hang Seng Bank's market share increased by 0.3 percentage points to 16.2%, maintaining third place; Standard Chartered Bank's market share increased by 1.3 percentage points to 7.2%, rising to fourth place. In October, HSBC's market share of new property mortgages decreased by 4.2 percentage points to 24%, maintaining the first place for two consecutive months; BOC Hong Kong's market share decreased by 3.9 percentage points to 20.3%, remaining in second place; Hang Seng Bank's market share increased by 1.4 percentage points to 14.3%, maintaining third place; Bank of Communications (Hong Kong)s market share increased by 4.4 percentage points to 10.6%, rising to fourth place. Wang Meifeng stated that property transaction volumes have remained stable this year, with strong sales of new units and smooth transactions of second-hand properties, leading to an increase in mortgage registrations for the year. The first 20 months saw a significant increase in the number of registrations for existing and new property mortgages compared to the previous year. In the first 10 months, the number of registrations for existing property mortgages increased by 27.4% to 52,342, with BOC Hong Kong leading the market with a 33.6% market share and handling 17,611 registrations. As for new property mortgages, there were 5,971 registrations in the first 10 months, an increase of 78.2% from the previous year, with BOC Hong Kong holding the top spot with a 27.5% market share.