Meridian: The number of mortgage registrations for existing buildings in Hong Kong in July fell 22.9% month-on-month to a three-month low

The Zhitong Finance App learned that according to data from the Meridian Mortgage Referral Research Division and the Hong Kong Land Registry, the number of mortgage registrations for current buildings in July this year was 6,927, a decrease of 2,056 or 22.9% month-on-month, falling two months in a row and hitting a three-month low. During the same period, only 441 real estate mortgage registrations were recorded, a sharp drop of 51.8% month-on-month, hitting a three-month low.

In summary, in the first seven months of this year, the total number of mortgage registrations for current buildings was 48,634, an increase of 14047 or 40.6% year-on-year, a record high for the same period in the past four years; the total number of real estate mortgage registrations was 3,315, a decrease of 17% year-on-year.

Cao Deming, chief vice president of Meridian Mortgage Referral, said that the slowdown in residential transactions in June and July, combined with a lack of large-scale new listings, led to a simultaneous decline in mortgage registrations for current buildings and real estate properties. He expects that with the developer's recent restart of sales arrangements, the atmosphere in the property market will gradually recover, and the property market is expected to remain stable.

In terms of bank market share, BOCHK continued to be at the top of the current housing mortgage list with 29.7% market share in July, ranking for 22 consecutive months; HSBC (23.7%), Hang Seng (14.3%), and Standard Chartered (9%) followed. In terms of real estate mortgages, HSBC and BOCHK also ranked first with a 23.1% market share, while Standard Chartered (17.5%) and Hang Seng (15.2%) ranked third and fourth.

The current mortgage market share of the four major banks fell slightly by 1.4 percentage points month-on-month to 76.6%. Cao Deming pointed out that banks are active in the mortgage business, continuing to promote multiple plans and additional discounts to grab customers, while the three major banks have extended the fixed-rate mortgage application period until the end of this month, and designated properties can be extended until September 30. It is expected that they will continue to attract customers, and the market share of the four major banks is expected to remain high.