2026年1月份新取用按揭贷款额较2025年12月份增加8.6%，至217亿港元。 2月27日，香港金管局公布2026年1月份的住宅按揭统计调查结果。2026年1月份新申请贷款个案较2025 年12月份环比增加15.4%，至8785宗。 2026年1月份新批出的按揭贷款额较2025年12月份增加4.1%，至325亿港元。当中，涉及一手市场交易 所批出的贷款减少3.1%，至113亿港元；涉及二手市场交易所批出的贷款增加8.6%，至183亿港元。至 于涉及转按交易所批出的贷款，则增加7.1%，至29亿港元。 按揭贷款拖欠比率为0.13%，仍维持于低水平，经重组贷款比率维持于接近0%。 2026年1月份未偿还按揭贷款总额环比增加0.3%，至19234亿港元。 以香港银行同业拆息作为定价参考的新批按揭贷款所占比例，由2025年12月份的89.8%下降至2026年1 月份的89.5%。以最优惠贷款利率作为定价的新批按揭贷款所占比例，由2025年12月份的1.3%上升至 2026年1月份的1.5%。 ...

Group 1 - The core point of the article highlights a significant decrease in newly approved residential mortgage loans in Macau, with a 28.2% month-on-month decline to 900 million MOP in December 2025 [1] - The average monthly new residential mortgage loans from October to December 2025 were 1.11 billion MOP, reflecting a 6.6% decrease compared to the previous period [1] - Newly approved commercial property loans also saw a decline of 5.4% month-on-month to 380 million MOP, with the residential portion decreasing by 9.9% to 360 million MOP [1] Group 2 - As of the end of December 2025, the total outstanding residential mortgage loans decreased by 0.6% month-on-month to 206.45 billion MOP, and year-on-year it fell by 5.3% [2] - The total outstanding commercial property loans amounted to 138.09 billion MOP, showing a month-on-month decline of 1.7% and a year-on-year decrease of 7.9% [2] - The residential mortgage loan delinquency rate decreased by 0.2 percentage points to 3.6% month-on-month, while it increased by 0.1 percentage points year-on-year [2]

Core Insights - The data from the Monetary Authority of Macao indicates a decline in both residential and commercial property mortgage loans approved in December 2025 compared to the previous month [1][2] Group 1: New Loans Approved - In December 2025, new residential mortgage loans approved by Macao banks amounted to 900 million MOP, representing a 28.2% decrease month-on-month [1] - The average monthly new residential mortgage loans from October to December 2025 was 1.11 billion MOP, down 6.6% from the previous period [1] - New commercial property loans decreased by 5.4% to 380 million MOP, with the residential portion dropping by 9.9% to 360 million MOP [1] Group 2: Outstanding Loans - As of the end of December 2025, the total outstanding residential mortgage loans fell by 0.6% to 206.45 billion MOP, a year-on-year decrease of 5.3% [2] - The outstanding commercial property loans totaled 138.09 billion MOP, down 1.7% month-on-month and 7.9% year-on-year [2] - The residential portion of outstanding residential mortgage loans accounted for 96.7%, while the residential portion of outstanding commercial property loans made up 91.4% [2] Group 3: Loan Default Ratios - The residential mortgage loan default ratio decreased by 0.2 percentage points to 3.6% at the end of December 2025, but increased by 0.1 percentage points year-on-year [2] - The default ratio for commercial property loans was 5.4%, also down by 0.2 percentage points month-on-month, with a year-on-year increase of 0.1 percentage points [2]

Core Insights - The data from the Monetary Authority of Macao indicates a decline in both residential and commercial property mortgage loans approved in December 2025, with residential loans decreasing by 28.2% month-on-month to 900 million MOP [1] - The total outstanding residential mortgage loans fell by 0.6% month-on-month to 206.45 billion MOP, and decreased by 5.3% year-on-year [2] Group 1: New Loans Approved - In December 2025, new residential mortgage loans approved by Macao banks amounted to 900 million MOP, reflecting a month-on-month decrease of 28.2% [1] - The average monthly new residential mortgage loans from October to December 2025 was 1.11 billion MOP, down 6.6% compared to the previous period [1] - New commercial property loans decreased by 5.4% month-on-month to 380 million MOP, with the residential portion dropping by 9.9% to 360 million MOP [1] Group 2: Outstanding Loans - As of the end of December 2025, the total outstanding residential mortgage loans decreased by 0.6% month-on-month to 206.45 billion MOP, with a year-on-year decline of 5.3% [2] - The outstanding commercial property loans totaled 138.09 billion MOP, reflecting a month-on-month decrease of 1.7% and a year-on-year decrease of 7.9% [2] - The residential portion of outstanding residential mortgage loans accounted for 96.7%, while the residential portion of outstanding commercial property loans accounted for 91.4% [2] Group 3: Loan Default Ratios - The residential mortgage loan default ratio at the end of December 2025 decreased by 0.2 percentage points to 3.6%, but increased by 0.1 percentage points year-on-year [2] - The default ratio for commercial property loans was 5.4%, showing a month-on-month decrease of 0.2 percentage points and a year-on-year increase of 0.1 percentage points [2]

Group 1: Residential Property Market - The Hong Kong residential property market is expected to maintain a moderate recovery, but the rebound will be limited [1] - Factors contributing to the rise in residential property prices and transaction volumes include a low interest rate environment, a strong stock market leading to a wealth effect, and improved rental yields [1] - New immigration policies, including talent programs, have boosted demand, with new home sales projected to reach the highest level in over a decade by 2025 [1] - Continuous promotional policies from developers and a cautious market outlook indicate that the residential market rebound is unlikely to provide significant or lasting boosts to fiscal revenue [1] Group 2: Commercial Real Estate Market - The commercial real estate sector is expected to remain under pressure, with office rental rates significantly below pre-pandemic levels [1] - Recent leasing activity in traditional core business districts has increased due to strong capital market performance, but high vacancy rates and structural headwinds will continue to limit short-term acquisition intentions for commercial land [1] - Developers may adopt a selective strategy in acquiring new residential land due to a cautious macro outlook, which could negatively impact government land sale revenue [1] Group 3: Banking Sector - The Hong Kong banking sector is expected to maintain a prudent approach, focusing on asset quality and credit standards rather than pursuing loan growth, despite a rebound in residential mortgage activity [2] - The banking sector's funding, liquidity, and capital positions remain robust, but it is not expected to provide significant support for market activity [2] - The quality of residential mortgage assets is stable, but the weak commercial real estate sector may continue to face pressure [2] Group 4: Government Revenue and Fiscal Flexibility - Hong Kong's fiscal flexibility will continue to be constrained by declining real estate-related revenues, although short-term stock trading stamp duties may offset some impacts [2] - As of the fiscal year ending March 2025, property stamp duties and land revenues accounted for approximately 5% of total government revenue, down from over 6% five years ago, and less than 1% of GDP [2] - The government has decided to suspend new commercial land auctions in response to high office vacancy rates and weak market demand, which will further limit real estate-related revenues below historical levels [2]

Group 1: Core Insights - The total amount of newly approved residential mortgage loans in Macau increased by 6.3% month-on-month to MOP 1.25 billion in November 2025, while newly approved commercial property loans saw a significant decline of 52.0% to MOP 410 million [1][2] - The residential portion of newly approved mortgage loans, which accounts for 98.7%, rose by 7.7% to MOP 1.24 billion, whereas the non-residential portion dropped by 48.2% to MOP 16 million [2] - The average monthly amount of newly approved residential mortgage loans from September to November 2025 was MOP 1.19 billion, reflecting a 13.7% increase compared to the previous period [2] Group 2: Outstanding Loans - As of the end of November 2025, the total outstanding residential mortgage loans decreased by 0.2% month-on-month to MOP 207.77 billion, representing a year-on-year decline of 5.2% [3] - The outstanding commercial property loans totaled MOP 140.45 billion, down 0.4% month-on-month and 6.9% year-on-year [3] - The residential portion of outstanding residential mortgage loans accounted for 96.7%, while the outstanding commercial property loans had a residential portion of 91.5% [3] Group 3: Loan Default Ratios - The residential mortgage loan default ratio slightly increased to 3.9% at the end of November 2025, up 0.4 percentage points year-on-year [4] - The default ratio for commercial property loans remained stable at 5.6% month-on-month, with a year-on-year increase of 0.8 percentage points [4]

Core Viewpoint - The Hong Kong Monetary Authority reported a decline in residential mortgage statistics for November 2025, indicating a slowdown in mortgage applications and approvals compared to October 2025 [1] Group 1: Mortgage Applications - New mortgage applications in November decreased by 2.9% month-on-month, totaling 8,019 cases [1] - The amount of new mortgage loans drawn in November fell by 2.3% from October, amounting to HKD 19 billion [1] Group 2: Mortgage Approvals - The total amount of new mortgage loans approved in November decreased by 7% compared to October, reaching HKD 29.1 billion [1] - Loans related to the primary market transactions dropped by 12.6% to HKD 10.8 billion, while loans for secondary market transactions decreased by 2.3% to HKD 15.6 billion [1] - Loans for refinancing transactions also saw a decline of 9.6%, totaling HKD 2.7 billion [1] Group 3: Interest Rate Trends - The proportion of new mortgage loans priced based on the Hong Kong Interbank Offered Rate (HIBOR) fell from 91.9% in October to 90.7% in November [1] - The share of new mortgage loans priced at the best lending rate decreased from 1.3% in October to 1.1% in November [1] Group 4: Outstanding Mortgage Loans - The total outstanding mortgage loans increased by 0.3% month-on-month, reaching HKD 1,913.5 billion [1] - The mortgage delinquency ratio remained low at 0.14%, with the restructured loan ratio close to 0% [1]

Core Insights - The Macau Monetary Authority reported an increase in new residential mortgage loans by 4% month-on-month to MOP 1.18 billion in October 2025, while commercial property loans surged by 310.1% to MOP 850 million [1][2] New Loan Approvals - New residential mortgage loans approved in October 2025 reached MOP 1.18 billion, with the residential portion increasing by 6.2% to MOP 1.15 billion, while the non-residential portion decreased by 41.7% to MOP 31 million [2] - New commercial property loans rose significantly by 310.1% to MOP 850 million, with the residential portion accounting for 98.8% of the total, increasing by 305.1% to MOP 840 million [2] Outstanding Mortgage Loans - As of the end of October 2025, the total outstanding residential mortgage loans decreased by 0.3% month-on-month to MOP 208.13 billion, representing a year-on-year decline of 5.2% [3] - The total outstanding commercial property loans amounted to MOP 141.01 billion, down 0.5% month-on-month and 7.3% year-on-year [3] Loan Default Ratios - The residential mortgage loan default ratio remained stable at 3.8% month-on-month, but increased by 0.4 percentage points year-on-year [4] - The commercial property loan default ratio was 5.6%, unchanged month-on-month, with a year-on-year increase of 0.5 percentage points [4]

Core Insights - In September, new mortgage loan applications in Hong Kong decreased by 1.1% month-on-month to 8,316 cases [1] - The amount of new mortgage loans approved increased by 9.4% month-on-month to HKD 31.4 billion [1] - The total outstanding mortgage loans rose by 0.2% month-on-month to HKD 1,891.4 billion [2] Group 1: Mortgage Applications - New mortgage loan applications decreased by 1.1% to 8,316 cases in September compared to August [1] - The amount of new mortgage loans approved for first-hand market transactions increased by 17.5% to HKD 12.6 billion [1] - The amount of new mortgage loans approved for second-hand market transactions increased by 6.1% to HKD 15.5 billion [1] Group 2: Mortgage Loan Amounts - New mortgage loan amounts drawn increased by 9.7% month-on-month to HKD 20.9 billion [1] - The proportion of new mortgage loans priced based on the Hong Kong Interbank Offered Rate (HIBOR) decreased from 94.4% in August to 92.6% in September [1] - The proportion of new mortgage loans priced based on the best lending rate increased from 1.3% in August to 1.5% in September [1] Group 3: Loan Performance - The mortgage loan delinquency ratio remained low at 0.13% [2] - The restructured loan ratio remained close to 0% [2]

Core Insights - The Macau Monetary Authority reported a decline in new residential mortgage loans and an increase in new commercial property loans in August 2025 [1] Group 1: New Mortgage Approvals - New residential mortgage loans decreased by 22.2% month-on-month to MOP 820 million, with the residential portion dropping by 22.5% to MOP 810 million and the non-residential portion down by 3.1% to MOP 15 million [1] - New commercial property loans increased by 301.8% month-on-month to MOP 1.14 billion, with the residential portion rising by 125.5% to MOP 620 million and the non-residential portion increasing to MOP 520 million [1] - The average monthly new residential mortgage loans from June to August 2025 was MOP 980 million, a decrease of 4.1% compared to the previous period [1] Group 2: Outstanding Mortgage Loans - As of the end of August 2025, the total outstanding residential mortgage loans decreased by 0.6% month-on-month to MOP 209.86 billion, with a year-on-year decrease of 5.9% [2] - The outstanding commercial property loans totaled MOP 143.54 billion, down 1.3% month-on-month and 6.2% year-on-year [2] - The residential portion of outstanding residential mortgage loans accounted for 96.7%, while the residential portion of outstanding commercial property loans accounted for 91.4% [2] Group 3: Loan Default Ratios - The residential mortgage loan default ratio increased by 0.1 percentage points month-on-month to 3.8%, but decreased by 0.5 percentage points year-on-year [3] - The commercial property loan default ratio was 5.5%, with a month-on-month increase of 0.1 percentage points and a year-on-year increase of 1.6 percentage points [3]