City December mortgage loans down 6%: HKMA

December saw $19.7 billion in new mortgage loans, a drop of 5.8% from November. The Hong Kong Monetary Authority's monthly survey of residential mortgage lending found new loans approved fell 6.2% to $24.2 billion due to a reduction of $100 million (3.1%) in primary market transactions, $700 million (4.1%) in secondary market transactions, and $800 million (14.6%) in approvals for refinancing loans. The number of new applications rose to 15,368 in December from 14,418 in November. The mortgage delinquency ratio and the rescheduled loan ratio fell to 0.03% and 0.09% in December.

Stocks extend slump since Nov on mainland concern

Hang Seng Index dropped for a fifth day, extending the gauge's slump from its November high to 12 percent, as banks and developers fell on signs China is acting to further restrain lending.

The Hang Seng Index sank 2.4 percent to 20,109.33 at the close, its lowest close since September 3. The measure has tumbled 12 percent since closing at a high of 22,943.98 on November 16. The Hang Seng China Enterprises Index, which tracks so-called H-shares of mainland companies, slumped 3.8 percent to 11,410.12.

China Daily/Agencies

(HK Edition 01/27/2010 page4)