Report: Hong Kong small and medium-sized banks increase mortgage cash rebates; mReferral: Mortgage war expected to continue until year-end.

It has been reported that some small and medium-sized banks in Hong Kong have increased mortgage cash rebates, with the maximum reaching 2%. Cao Deming, Chief Vice President of Referral at mReferral Mortgage Brokerage Services, said that large banks have been actively competing for mortgage business since the beginning of the year, launching diversified mortgage plans to attract high-quality customers. At present, two large banks have extended their fixed-rate mortgage plans until the end of this year, with the interest rate fixed at 2.93% during the fixed-rate period; another large bank earlier launched a "P then H" mortgage plan in response, under which the interest rate is as low as 2.68% for the first two or three years. According to the latest data from the Referral Research Department of mReferral Mortgage Brokerage Services and the Land Registry, the market share of the four major banks in Hong Kong for existing property mortgages has remained at a high level of more than 75% for five consecutive months. Cao Deming pointed out that due to intense competition in the residential mortgage market, some small and medium-sized banks in Hong Kong have recently begun to increase mortgage cash rebates to enhance their competitiveness, in order to secure mortgage business for the whole of this year and even early next year. For specific high-quality customers or conditions, the relevant rebates may be even more generous. It is expected that the mortgage war among banks will continue until the end of the year, and banks' active attitude toward residential mortgages will provide positive support for Hong Kong's property market.