However, the number of mortgage applications fell to 14,491.
The number of approved mortgage loans rose 14.4% MoM to $42.6b in May as a greater number of Hong Kong residents turn to debt to fuel their home aspirations in the world’s most expensive property market.
From this figure, mortgage loans financing primary market transactions edged down 2.1% to $6.4b whilst those financing secondary market transactions rose 16.6% to $24.2b, the Hong Kong Monetary Authority said in a statement. Similarly, mortgage loans for refinancing surged 20.4% to $12.1b.
However, the number of mortgage applications fell 2.7% MoM to 14,491.
The outstanding value of mortgage loans increased 0.8% MoM to $1,246.3b as of end-May. The mortgage delinquency ratio and rescheduled loan ratio both remained unchanged at 0.02% and nearly 0%.
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