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Oct312024

Residential mortgage survey results for September 2024

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority announced the results of the residential mortgage survey for September 2024.

     The number of mortgage applications in September decreased month-on-month by 15.9 per cent to 4 977.

     Mortgage loans approved in September decreased by 20.6 per cent compared with August to HK$17.3 billion. Among these, mortgage loans financing primary market transactions decreased by 27.2 per cent to HK$5.6 billion and those financing secondary market transactions decreased by 15.4 per cent to HK$10 billion. Mortgage loans for refinancing decreased by 25.1 per cent to HK$1.8 billion.

     Mortgage loans drawn down during September decreased by 3.6 per cent compared with August to HK$15.4 billion.

     The ratio of new mortgage loans priced with reference to HIBOR remained unchanged month-on-month at 88.6 per cent in September. The ratio of new mortgage loans priced with reference to best lending rates decreased from 6 per cent in August to 4.2 per cent in September.

     The outstanding value of mortgage loans increased month-on-month by 0.1 per cent to HK$1,872.8 billion at end-September.

     The mortgage delinquency ratio remained at a low level of 0.11 per cent and the rescheduled loan ratio was unchanged at nearly 0 per cent.

SCST begins visit to Cascais (with photos)

     The Secretary for Culture, Sports and Tourism, Mr Kevin Yeung, arrived in Cascais, Portugal, on the evening of October 28 (Cascais time) and began his itinerary yesterday (October 29, Cascais time). In the morning, together with the President of the Sports Federation and Olympic Committee of Hong Kong, China (SF&OC), Mr Timothy Fok, Mr Yeung exchanged views with various members of the Executive Council of the Association of National Olympic Committees (ANOC), including the ANOC President, Dr Robin Mitchell; the Secretary General, Mrs Gunilla Lindberg; the Vice-President for Africa, Mr Mustapha Berraf; the Vice-President for Europe, Mr Spyros Capralos; and Member for Asia Mrs Li Lingwei.

     Attending the Executive Council Meeting alongside a delegation from the SF&OC in the afternoon, Mr Yeung made a presentation on the bid to host the 2026 ANOC General Assembly in Hong Kong. He illustrated that Hong Kong is the ideal place for hosting international events. Mr Yeung said that Hong Kong has a fair and mature legal system thanks to the successful implementation of the “one country, two systems” principle since the establishment of the Hong Kong Special Administrative Region, enabling the city to maintain its social stability. Hong Kong is also an Events Capital of Asia and the World’s Meeting Place. As an international city, Hong Kong is widely connected with the rest of the world, which underlines another strength of Hong Kong.

     Mr Yeung added that Hong Kong has been actively advancing the development of sports in the community, supporting elite sports, promoting Hong Kong as a centre for major international sports events, enhancing sports professionalism and developing sports as an industry. In recent years, Hong Kong athletes have achieved impressive results in major international games. Mr Yeung also shared with the meeting the imminent commissioning of the Kai Tak Sports Park in the first quarter of 2025, making it the largest sports infrastructure project in Hong Kong’s history.

     Mr Yeung attended a reception hosted by the City of Cascais, during which he exchanged views with City Councillor (Sports and International Affairs) Mr Francisco Kreye and other leading figures in the world of sports, including the International Olympic Council President, Mr Thomas Bach.

     Mr Yeung will continue his visit to Cascais, Portugal, today (October 30, Cascais time).