Hong Kong's negative equity mortgage cases surge to near 18-year high

ONEINNEWS.COM - Cases of negative equity in Hong Kong's residential mortgage loans jumped nearly 22-fold in the fourth quarter from the...



ONEINNEWS.COM - Cases of negative equity in Hong Kong's residential mortgage loans jumped nearly 22-fold in the fourth quarter from the previous one, the city’s de facto central bank said, as home prices continued to fall during the period.

The Hong Kong Monetary Authority assured the market that the risks in banks' mortgage business are controllable, because the loan quality under the mortgage insurance programme - which has a higher loan-to-value ratio - is still very good, registering only a 0.01 per cent delinquency ratio.

HKMA said in a statement on Tuesday (Jan 31) its survey estimated 12,164 cases of negative equity at the end of December, the highest since the first quarter of 2005.

The cases involved HK$66.3 billion (US$8.46 billion), compared with 533 cases and HK$3 billion at the end of September.

Home prices in the financial hub, one of the most unaffordable property markets in the world, fell 15.6 per cent in 2022 in the first annual drop since 2008, official data showed last week.

Prices eased 7.7 per cent in the fourth quarter, following an 8.5 per cent fall in the third quarter, weighed down by a weak economic outlook and rising mortgage costs, after a COVID-19 outbreak at the beginning of the year.

Source: Reuters/ac


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ONEinNews.com : Hong Kong's negative equity mortgage cases surge to near 18-year high
Hong Kong's negative equity mortgage cases surge to near 18-year high
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