ECONOMY | Staff Reporter, Hong Kong

Approved mortgage loans fall 10.8% to $30.1b

Loans for refinancing dropped 8.1%.

Mortgage loans approved in August dropped 10.8% month-on-month to $30.1 billion, the Monetary Authority announced.

Mortgage loans financing primary market transactions decreased 20.9% to $5.9 billion, while those financing secondary market transactions dropped 7.7% to $13.3 billion. Those for refinancing dropped 8.1% to $10.8 billion.

Mortgage loans drawn down during the month decreased 13.3% to $28.1 billion. The number of mortgage applications increased 20% to 10,908.

The outstanding value of mortgage loans rose 0.5% month-on-month to $1.1781 trillion at the end of August.

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