Central Plains Mortgage: Hong Kong will subsidize 16,000 housing mortgage registrations by 2025, a 60% increase.

Wang Meifeng, Managing Director of China Mortgage, stated that according to data from the China Mortgage Research Department and the Land Registry, a total of 16,027 subsidized housing mortgage registrations (including public rental housing and other subsidized housing) were recorded for the full year of 2025, a significant increase of 60% compared to 10,003 in 2024. Benefiting from the completion of several large new public housing projects within the year, the performance of subsidized housing mortgage registrations in 2025 was significantly better than in the previous year. In the subsidized housing mortgage registrations in 2025, BOC HONG KONG accounted for 8,153 registrations, a year-on-year increase of 64%, with a market share as high as 50.9%, making it the champion of subsidized housing mortgage registrations for the seventh consecutive year. Some banks saw a multiple increase in registration volume, with the largest increases seen in Shanghai Commercial Bank, BANK OF E ASIA, Standard Chartered Bank, and HANG SENG BANK (00011), which saw increases of approximately 33 times, 2.9 times, 2.4 times, and 1 time, respectively. Looking ahead to the subsidized housing mortgage market in 2026, Wang Meifeng expressed that with several new public housing and Green Form Subsidized Home Ownership Scheme projects completed and entering the mortgage application stage this year, as well as an increased quota for White Form Secondary Market Scheme and recent approvals, the stable and positive outlook of the property market is attracting buyers to expedite their entry, thereby continuing to drive the volume of subsidized housing mortgage loans this year. With subsidized housing having government backing, banks are actively attracting subsidized housing mortgage customers. In the past, the subsidized housing mortgage market has been dominated by large banks, with the three major banks (BOCHK, HSBC, Hang Seng) collectively accounting for over 90% (91.5%) of the market share in 2025. Recently, some medium and small banks have actively entered the market, increasing efforts to attract subsidized housing customers, with some banks significantly increasing cash rebates for public housing mortgages to enhance competitiveness; this move clearly targets the upcoming new public housing and White Form buyers, and it is expected that the volume of subsidized housing mortgage registrations in 2026 will further increase. Regarding the secondary market, Wang Meifeng continued to point out that with the property market stabilizing and buyer confidence increasing, there has been an increase in transactions of second-hand subsidized housing. According to data from the China Mortgage Research Department and the Housing Authority (as of January 16, 2026), there were 708 transactions in the secondary market in November 2025, a significant increase of 30.7% compared to the previous month, marking the highest record of 2025. Temporary numbers for December recorded 318 transactions. For the full year of 2025, there were a total of 4,059 transactions in the secondary market, a decrease of 8.5% compared to 2024. This decline is believed to be due to some buyers who initially considered public housing shifting to the private market as prices of small units and public housing narrowed. With a clearer outlook for the property market and the government announcing additional allocation of approval letters for White Form buyers in December 2025, it is expected that trading in the secondary market in 2026 will resume positive growth. Wang Meifeng stated that according to data from the China Mortgage Research Department and the Land Registry, Hong Kong banks undertook a total of 16,027 subsidized housing mortgage registrations in 2025, with the top three banks retaining their positions. Among them, BOC HONG KONG accounted for 8,153 registrations, holding the highest market share at 50.8%; HANG SENG BANK recorded 3,902 registrations, a year-on-year increase of 102%, with a market share of 24.3%, ranking second; HSBC recorded 2,611 subsidized housing mortgage registrations, an 8% increase year-on-year, with a market share of 16.3%, ranking third; BANK OF E ASIA (685 transactions) and Standard Chartered Bank (214 transactions) ranked fourth and fifth, respectively, with registration volumes increasing by 2.9 times and 2.4 times year-on-year. Dah Sing Bank, Fubon Bank, and Shanghai Commercial Bank rose from the 11th, 10th, and 24th positions to the 7th, 9th, and 10th positions, respectively, making it into the top ten in market share for 2025. Wang Meifeng stated that according to data from the China Mortgage Research Department and the Land Registry, in December 2025, Hong Kong banks recorded a total of 425 subsidized housing mortgage registrations, a 9% decrease from the 467 in November. The numbers reflect a return to the pre-peak level of around 400 to over 700 registrations in 2025 as the peak period for large new public housing projects entering the market has passed. The market share of the top four banks in December rose by 0.2 percentage points to 91.3%. In terms of ranking, BOC HONG KONG recorded 224 subsidized housing mortgage registrations, with a market share increasing by 1.1 percentage points to 52.7%, maintaining the top position for the 29th consecutive month; HSBC recorded 81 subsidized housing mortgage registrations, with a market share increasing by 1.1 percentage points to 19.1%, moving up to second place; HANG SENG BANK had 62 subsidized housing mortgage registrations, with a market share decreasing by 4.5 percentage points to 14.6%, ranking third; Standard Chartered Bank recorded 21 subsidized housing mortgage registrations, with a market share increasing by 1.1 percentage points to 4.9%, ranking fourth.