Zhongyuan: Hong Kong's new mortgage approvals in August fell by 17% month-on-month, hitting a nearly 5-year low

Wang Meifeng, Managing Director of Central Mortgage, pointed out that the new mortgage amount in Hong Kong in August decreased by 17% compared to the previous month, hitting a nearly 5-year low, with the number of new mortgages falling by 14.9% to 1512 cases. Due to the decline in property transactions in the Hong Kong market, the number of new mortgage drawdowns has decreased for two consecutive months. In August, the number of new mortgage drawdowns dropped to 695 cases, with the amount decreasing to HKD 3.7 billion. Despite the sluggish market, it is expected that the mortgage figures will stabilize by the end of the year, as banks return to normal lending practices and market confidence is boosted by expectations of a rate cut by the Federal Reserve