This July 18, 2023 photo shows Wah Kwai (left) and Wah Fu (far right) housing estates in Hong Kong. (SHAMIM ASHRAF / CHINA DAILY)

HONG KONG – Residential mortgage loans approved in August increased 26.9 percent compared with July to $35.6 billion, according to the Hong Kong Monetary Authority, the city’s de facto central bank.

Mortgage loans financing primary market transactions dropped 19.8 percent to HK$4.7 billion, while those financing secondary market transactions rose 7.6 percent to HK$14.4 billion, data released by the HKMA showed on Friday.

Loans for refinancing increased 86.9 percent to HK$16.6 billion.

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Meanwhile, mortgage loans drawn down during the month fell 20.5 percent to HK$20.9 billion.

The number of mortgage applications in August stood at 8,617, representing a 6.6 percent month-on-month increase.

“The outstanding value of mortgage loans increased month-on-month by 0.2 percent to HK$1,854.4 billion at end-August,” reads an HKMA statement.

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The mortgage delinquency ratio remained unchanged at 0.07 percent and the rescheduled loan ratio remained unchanged at nearly 0 percent, it added.