Meridian: In November, the number of new cases approved in Hong Kong was 1,068, involving an amount of HK$5.629 billion

The Zhitong Finance App learned that according to the latest data from Meridian Mortgage Referral Research Division and Hong Kong Mortgage Corporation, the number and amount of new mortgage insurance plan loans approved in Hong Kong in November were 1,068 and HK$5.629 billion, a decrease of 100 (8.6%) and HK$402 million (6.7%), respectively. The number of cases hit a new low in nearly 7 years (83 months).

The number and amount of new mortgage insurance scheme loans drawn down in November were 560 and HK$2,799 billion, down 63 (10.1%) and HK$307 million (9.9%), respectively, falling for 2 months. The number of cases hit an 8-month low, and the amount hit a 3-month low; the average amount of newly withdrawn mortgage loans was HK$5 million, an increase of HK$10,000 (0.3%) over the previous month, a 7-month high; in addition, first-hand properties accounted for 49% and 51% for second-hand properties.

The number and amount of new mortgage loans approved in the first 11 months was 14,726 and HK$73.997 billion, down 4,619 (23.9%) and HK$27.51 billion (26.8%), respectively. The number of cases hit a new low in the first 11 months of nearly 10 years, and the amount hit a new low in the first 11 months of nearly 6 years.

The number and amount of new mortgage loans drawn down in the first 11 months was 6,594 and HK$32,653 billion, a year-on-year decrease of 2,217 (25.2%) and HK$12.517 billion (27.7%), respectively. The number of cases hit a new low in the first 11 months of nearly 9 years, and the amount hit a new low in the first 11 months of nearly 6 years.

Cao Deming, chief vice president of Meridian Mortgage Referral, said that in November, there was a lack of support from large new property buyers. Coupled with the Hong Kong government's relaxation of the mortgage ratio last year, buyers can now apply for up to 70% of mortgages without a mortgage, drastically reducing mortgage demand, and it is expected that mortgage numbers will continue to be low.