New mortgage loans drawn down in Hong Kong rose 11.1 percent to HK$27.9 billion (US$3.58 billion) in November, according to data released by the Hong Kong Monetary Authority (HKMA).

The value of new loans approved in November jumped 22 percent to HK$37.6 billion from the previous month.

However, loan approvals for new homes declined 15.9 percent or HK$600 million in November, while mortgage demand on existing properties surged 35.2 percent or HK$6.5 billion and refinancing loan approvals rose 10.8 percent to HK$900 million.

The HKMA said the increase in loan approvals and new loan applications reflect a buoyant sentiment in HK’s residential property market from October to mid-November, before the government’s implementation of new property measures on November 19.

In late November, the government announced its toughest property measures, including tightening mortgage restrictions and a 15-percent stamp duty on properties sold within six months of purchase.