Hong Kong Monetary Authority: The number of new loan applications in January increased by 36.8% to 6523 cases compared to the previous month.

On February 29, the Hong Kong Monetary Authority released the results of the residential mortgage survey for January 2024. The number of newly approved loan applications in January 2024 increased by 36.8% compared to December 2023, reaching 6523 cases. The total amount of new mortgage loans approved in January 2024 increased by 15.1% compared to December 2023, reaching HK$211 billion. Among these, loans approved for primary market transactions increased by 20.9% to HK$63 billion, while loans approved for secondary market transactions increased by 26.6% to HK$113 billion. However, loans approved for refinancing decreased by 15.9% to HK$36 billion. The total amount of new mortgage loans drawn down in January 2024 increased by 29.8% compared to December 2023, reaching HK$161 billion. The proportion of new mortgage loans priced with reference to Hong Kong Interbank Offered Rate decreased from 94.6% in December 2023 to 93.4% in January 2024. Meanwhile, the proportion of new mortgage loans priced at the best available rates decreased from 1.7% in December 2023 to 1.6% in January 2024. The total amount of outstanding mortgage loans in January 2024 remained unchanged at HK$185.42 billion. The delinquency rate for mortgage loans remained at 0.08%, while the ratio of restructured loans remained close to 0%.