Central Plains Mortgage: The monthly registration of mortgage refinancing in November decreased by 13% month-on-month. BOC HONG KONG has won the top market share for the fifth consecutive month.

Wang Meifeng, Director General Manager of Central Mortgage, stated that according to the data from the Central Mortgage Research Department and the Land Registry, a total of 541 conversions from bank loans to mortgage registrations were recorded in November 2025, a decrease of 13.3% compared to the 624 registrations in October. While the numbers have remained at a level of 500-600 registrations per month for most of the year, showing a slight increase from the extremely low levels at the end of last year, the current registration volume is still considered low compared to the average of over a thousand registrations per month during normal active periods in the past. This reflects that the overall market for conversions continues to be weak. In terms of market share for bank mortgages, BOC HONG KONG(02388) has maintained the top spot for five consecutive months, leading the market for the year so far. Overall, for the first 11 months of 2025, there have been a total of 6351 conversions, a decrease of 17.1% compared to the same period in 2024. Wang Meifeng further analyzed that the continued weakness in the conversion market is due to structural reasons. Banks had raised the interest rates for new mortgages and conversions in 2023, causing most property owners who took out mortgages in earlier years to have interest rates lower than current market rates, leading to a lack of incentive for them to convert. According to data from the Central Mortgage Research Department, there were 541 conversions recorded in November 2025, a decrease of 13.3% compared to the previous month. Among them, BOC HONG KONG recorded 150 conversions, ranking first with a market share of 27.7%, an increase of 3.7 percentage points compared to the previous month, leading the conversion market for five consecutive months. Meanwhile, HSBC recorded 107 conversions, a decrease of 10.1% compared to the previous month, ranking second with a market share of approximately 19.8%, an increase of 0.7 percentage points. On the other hand, BANK OF E ASIA rose three places to rank third with 46 conversions (market share of 8.5%). HANG SENG BANK continued to rank fourth, but the market share dropped by 1.5 percentage points, with a market share of 8.3% (45 conversions) in November. Standard Chartered Bank fell two places, with a decrease of 42.7% in conversions (43 conversions) and a decrease of 4.1 percentage points in market share (7.9%), ranking fifth. Industrial and Commercial Bank of China (Asia), Shanghai Commercial Bank, Wing Lung Bank, and OCBC Wing Hang Bank Hong Kong were ranked sixth to tenth respectively. The data from the Central Mortgage Research Department showed a total of 6351 conversions in the first 11 months of 2025, a decrease of 17.1% compared to the same period in 2024. In terms of individual banks, BOC HONG KONG recorded 1576 conversions in the first 11 months, with a market share of 24.8%, leading the market temporarily. HSBC recorded 1199 conversions, with a market share of approximately 18.9%, ranking second. Meanwhile, HANG SENG BANK rose two places to rank third with a market share of approximately 9.9% (629 conversions). Industrial and Commercial Bank of China (Asia) held a market share of 8.3% (530 conversions), falling one place to fourth. In terms of other banks, Standard Chartered Bank's market share rose to 8% (511 conversions), with a year-on-year increase of 1.7 times, rising two places to fifth; BANK OF E ASIA saw a decrease in conversions by 36.9% compared to the same period in 2024, with a market share decreasing from 7.9% to 6%, ranking sixth; Shanghai Commercial Bank's market share rose to 3.6% (229 conversions), jumping sixteen places to seventh, with conversions nearly six times higher year on year; Wing Lung Bank ranked ninth with 147 conversions and a market share of 2.3%, a slight increase from the same period in 2024. Citi Bank had a market share of 2.3% (146 conversions), falling out of the top ten rankings for the month of November 2025, and dropping two places to tenth for the first 11 months of the year.