Meridians: It is expected that the number of mortgage transactions for Hong Kong new property developments will reach 6500 this year, setting a new 5-year high.

The Zhitong Finance APP learned that Eric Chao, Chief Vice President of Midland Realty, stated that the Hong Kong government has relaxed the loan-to-value ratios for property mortgages in recent years. Among the new property developments launched this year, over 50% of buyers have chosen the method of immediate payment. In some new developments, the proportion of immediate payments is as high as 90%. It is expected that the total number of property mortgages for the year will reach approximately 6,500, a nearly 50% increase from the 4,186 mortgages in the previous year and a new high in nearly 5 years. As for existing properties, new properties will continue to be launched at low prices, and the second-hand market will remain stable in the second half of the year. It is estimated that the total number of existing property mortgages for the year will be around 55,500, a slight increase of about 10% from the total of 50,500 in the previous year.