New mortgages approved in Hong Kong rose 34.3 percent in May from the previous year, and increased 0.1 percent in value terms from April, according to figures released by the Hong Kong Monetary Authority (HKMA).
The figures showed that new mortgages approved reached HK$37.8 billion (S$6.74 billion) in May, while loans approved for new property jumped 0.1 percent month-on-month. Although home loan demand on existing property declined 4.5 percent, loan approvals for refinancing mortgages rose 10.5 percent from April.
The number of new loan applications dropped 11.1 percent to 20,283 in May compared with 22,818 in April.
Meanwhile, the value of new loans drawn down climbed 12.7 percent to HK$28.9 billion, and the outstanding value of home loans rose 1.5 percent to HK$675.6 billion in May.