(Hong Kong Comprehensive News) The Hong Kong property market has fallen, and the number of negative asset housing mortgage cases has increased sharply, a new high since the third quarter of 2004.
A negative asset residential mortgage refers to the current market value of real estate to the balance of mortgage loans that are not repaid.
Comprehensive Ming Pao Dao reported that data released by the Hong Kong Financial Administration on Wednesday (January 31) showed that the number of mortgage loans in Hong Kong's negative asset residential mortgage loans in the fourth quarter of 2023 increased from 1123 in the third quarterIn the fourth quarter, 25,163 were increased by 126%.
The report said that these cases mainly involve bank employees' housing mortgage loans or mortgage insurance plan loans. The proportion of mortgage ratios of such loans is usually high.
Ruan Guoheng, Vice President of the Hong Kong HKMA, explained on Thursday (February 1) that the rapid increase in digits was mainly due to the decline in residential property prices in the third quarter of last year and another 5.2%in the fourth quarter.He emphasized that the loan quality under the mortgage insurance plan is very good, and the bank's mortgage business risk is controllable.
Wang Meifeng, managing director of the Central Plains Mortgage, said that since the high point in Hong Kong's property prices in 2021, it has fallen by about 22%, which has led to 80%and 90%of the buyers in recent years.She believes that the financial market is still unstable, and the market is also in Follow the fiscal budget at the end of February at the end of FebruaryWill the case "reduce spicy" (relaxation of the policy of suppressing property prices).If there is no good news support, property prices or continuous declines, the number of negative asset cases will increase further.
