HANG SENG BANK(HK:00011) 智通财经网·2026-01-19 13:12Core Viewpoint - The subsidized housing mortgage market in Hong Kong is expected to see significant growth in 2025, with a projected increase of 60% in registrations compared to 2024, driven by the completion of several large new housing projects [1][3]. Group 1: Mortgage Registration Data - In 2025, a total of 16,027 subsidized housing mortgage registrations were recorded, a substantial increase from 10,003 in 2024 [1]. - Bank of China Hong Kong accounted for 8,153 registrations, representing a 64% year-on-year increase and a market share of 50.9%, maintaining its position as the leading bank in this sector for seven consecutive years [1][4]. - Other banks such as Shanghai Commercial Bank, Bank of East Asia, Standard Chartered Bank, and Hang Seng Bank saw their registration numbers increase significantly, with growth rates of approximately 33 times, 2.9 times, 2.4 times, and 1 time, respectively [1]. Group 2: Future Market Outlook - The outlook for the subsidized housing mortgage market in 2026 remains positive, with multiple new housing projects expected to be completed, which will likely boost mortgage applications [3]. - The market share of the three major banks (Bank of China, HSBC, and Hang Seng) in the subsidized housing mortgage sector exceeded 91.5% in 2025, although smaller banks are increasingly entering the market [3]. - The introduction of cash rebates for housing mortgages by some banks aims to enhance competitiveness in the market, particularly targeting new housing projects and buyers of subsidized housing [3]. Group 3: Secondary Market Performance - The secondary market for subsidized housing saw a total of 4,059 transactions in 2025, a decrease of 8.5% from 2024, attributed to narrowing price levels between subsidized and private housing [4]. - The market is expected to recover in 2026, supported by improved market conditions and the government's issuance of additional approval letters for buyers [4]. Group 4: Monthly Registration Trends - In December 2025, 425 subsidized housing mortgage registrations were recorded, a decrease of 9% from November, reflecting a return to pre-peak levels of around 400 to 700 registrations [5]. - The market share of the top four banks slightly increased to 91.3% in December, with Bank of China leading at 52.7% [5]. - HSBC and Hang Seng Bank recorded 81 and 62 registrations, respectively, with HSBC's market share rising to 19.1% and Hang Seng's declining to 14.6% [5].