The following is issued on behalf of the Hong Kong Monetary Authority: The seventh Hong Kong-Switzerland Financial Dialogue was held in Hong Kong today (December 4). Co-organised by the Hong Kong Monetary Authority (HKM… read more
​The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department today (December 4) announced the test results of a recently completed surveillance project assessing the food safety of hot pot cuisine. … read more
​The results of the Trends in International Mathematics and Science Study (TIMSS) 2023 were announced today (December 4). A spokesman for the Education Bureau (EDB) said that the overall performance of Hong Kong students far exceeded the international average, showcasing their outstanding achievements.
TIMSS 2023, under the auspices of the International Association for the Evaluation of Educational Achievement, is conducted every four years with the aim of studying students’ performance in mathematics and science at Grade 4 (equivalent to Primary Four (P4) in Hong Kong) and Grade 8 (equivalent to Secondary Two (S2) in Hong Kong). More than 60 countries or regions participated in the study.
The spokesman said, “Hong Kong students maintained a consistently high level of performance in mathematics. Their overall result was outstanding. Our P4 students ranked fourth with a score of 594, which significantly surpassed the international average of 503. Our S2 students maintained the fifth place with a score of 575, notably exceeding the international average of 478. Meanwhile, the proportions of P4 and S2 students reaching the advanced level of the international benchmark in mathematics were 38 per cent and 32 per cent respectively, well above the international median of 7 per cent in the two grade levels.”
Significant progress was seen among Hong Kong students in science, with P4 and S2 students showing a marked rise from 15th and 17th in the previous cycle to ninth and eighth in this cycle, scoring 545 and 528 respectively, significantly surpassing the international average of 494 and 478. Their proportions achieving the advanced level of the international benchmark in science were 17 per cent and 14 per cent respectively, exceeding the international median of 7 per cent and 6 per cent.
The spokesman said, “Hong Kong students’ outstanding performance in mathematics and science affirmed the teaching effectiveness of schools and teachers, as well as learning outcomes of students. To align with the national direction of ‘invigorating the country through science and education’, the EDB has been stepping up efforts to promote STEAM (science, technology, engineering, the arts and mathematics) education for all, for fun and for diversity to facilitate schools’ creation of an atmosphere conducive to the learning of science, innovation and technology, enhance students’ knowledge and skills in STEAM-related areas, and strengthen students’ scientific investigation and problem-solving skills. In tandem, through continuously optimising the curriculum, strengthening teacher training in collaboration with various partners, organising STEAM learning activities beyond the classroom, as well as offering resource support for schools, the EDB nurtures students’ interest and capabilities in learning science and technology from an early age, and enables students to develop their potential in innovation to foster future innovation and technology talent for our country and Hong Kong.
“The EDB will conduct an in-depth study of the results of TIMSS 2023 and continue to collaborate closely with different stakeholders to jointly and vigorously review the current learning and teaching measures, nurture students’ interests, and strengthen learning and teaching effectiveness in order to enhance Hong Kong students’ international competitiveness,” the spokesman added.
The background information and key statistics of TIMSS 2023 are in the Annex. read more
The Secretary for Security, Mr Tang Ping-keung, will leave Hong Kong tomorrow (December 5) for a four-day visit to Shanghai and Hangzhou. While in Shanghai, Mr Tang will meet leaders of the… read more
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) today (December 4) issued guidelines to banks on the introduction of a one-off special scheme that allows for a relaxation of the supervisory requirements on the maximum loan-to-value (LTV) ratio and debt servicing ratio (DSR) limit for property mortgage loans. The special scheme aims to provide flexibility for banks to assist homebuyers who bought uncompleted residential properties during 2021 to 2023 using stage payment plans to complete their property transactions.
Official residential property prices fell by over 25 per cent from their peak three years ago. Some stage payment homebuyers of uncompleted residential properties may find the property valuation at the time of mortgage application to be lower than the purchase price, and hence face difficulty in securing extra funds for the down payment. Meanwhile, some banks have expressed to the HKMA their willingness to help these homebuyers in genuine hardship if the associated risk is manageable.
After balancing various considerations, the HKMA considers that a one-off special scheme can be introduced to assist stage payment homebuyers who bought uncompleted residential properties during the peak of the property market, while continuing to ensure the proper risk management of banks’ property mortgage lending business. Under this special scheme, banks may provide mortgage loans with a maximum LTV ratio of 80 per cent to eligible homebuyers and the DSR limit is adjusted to 60 per cent.
The special scheme covers uncompleted residential properties for self-occupation where the provisional sale and purchase agreements were signed during the period from January 1, 2021 to December 31, 2023 and the buyers had opted for stage payment plans, and the date of the mortgage application of the relevant property is today or subsequently. Furthermore, the property valuation at the time of mortgage application should be lower than the purchase price.
As the mortgage terms offered by each bank may differ, eligible applicants who have any needs or questions are advised to enquire with banks that are offering such special scheme as soon as possible.
On many past occasions, the HKMA has reminded prospective buyers of uncompleted residential properties to be mindful of the risk of failing to complete the property transaction if they opt for stage payment plans. The above-mentioned special scheme is a one-off exceptional arrangement for stage payment homebuyers who bought uncompleted properties during the property market peak in recent years and have difficulty in securing extra funds for the down payment. Banks are still required to conduct their property mortgage business prudently.
The HKMA would once again like to remind prospective buyers wishing to opt for stage payment plans that, if the market value of the uncompleted residential property falls below the purchase price, banks will use the property valuation at the time of mortgage application to calculate the mortgage loan amount. As a result, the loan amount approved by the bank may be lower than originally planned and buyers must bear the related risks if they are unable to secure extra funds for the down payment. The public should carefully assess their own affordability and prudently manage the financial risks involved when making property purchase decisions and selecting the payment plan. read more