Less buyers, less loans

The number of new mortgage applications dropped 30.3 percent in June.

A Reuters report said, “Loan approvals for new property in June decreased by HK$1.9 billion or 33.7 percent from May, and loan demand for mortgages on existing properties dropped HK$2.2 billion or 11 percent.”

According to the report, the fall in new loan applications reflected the lower transaction volume amidst tightening of the underwriting standards of mortgage lending.

View the report here.