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7月份的95.7%下降至8月份的94.4%。 以最优惠贷款利率作为定价的新批按揭贷款所占比例，由7月份的1.2%上升至8月份的1.3%。 8月份未偿还按揭贷款总额按月增加0.1%，至18,883亿港元。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%。 智通财经APP获悉，9月30日，香港金融管理局公布2025年8月份的住宅按揭统计调查结果。调查显示， 8月份新申请贷款个案为8,405宗，较7月份减少6.7%。8月份新取用按揭贷款额较7月份增加4.5%，至190 亿港元。 8月份新批出的按揭贷款额287亿港元，较7月份减少6.3%。其中，涉及一手市场交易所批出的贷款减少 0.7%，至107亿港元;涉及二手市场交易所批出的贷款减少11.9%，至146亿港元。至于涉及转按交易所批 出的贷款，则增加4.1%，至33亿港元。 ...

报告指出，由于今年5月银行体系总结余扩张，港元流动性转趋宽松，导致短期香港银行同业拆息在上 半年大幅下跌。例如，三个月香港银行同业拆息在2025年上半年下跌269个基点，达至2025年6月底的 1.68%。然而，随着银行体系总结余在弱方兑换保证于6月下旬起至8月中被触发后减少，香港银行同业 拆息已自此开始回升。 香港银行业回顾期内保持稳健 香港银行业的资本维持充裕。本地注册认可机构的综合总资本比率在2025年上半年末处于24.4%的高 位，远高于8%的国际最低标准。此外，本地注册认可机构的非风险为本杠杆比率于2025年6月底录得 7.9%的稳健水平，超过3%的法定最低水平。 报告称特定分类贷款比率在回顾期内仍然面对上升压力，但银行业整体资产质素风险维持可控及银行拨 备充足。认可机构的总特定分类贷款比率由2024年12月底的1.96%微升至2025年6月底的1.97%。认可机 构的逾期及经重组贷款比率亦由2024年12月底的1.55%上升至2025年6月底的1.58%。 家庭资产负债情况健康 个人贷款方面，家庭负债在2025年上半年增长1.8%，增幅大于2024年下半年的0.6%。数据细分显示， 随着期内住宅物 ...

未偿还商用物业贷款总额为1,454.8亿元，按月比较大致持平，按年减少5.3%;其中，居民部分占91.3%。 居民部分的未偿还商用物业贷款按月下跌0.5%，非居民部分则上升5.7%。 贷款拖欠比率 2025年7月底的住宅按揭贷款拖欠比率按月上升0.1个百分点至3.7%，按年则下跌0.5个百分点。商用物 业贷款拖欠比率为5.4%，按月比较持平，按年则上升1.5个百分点。 9月15日，澳门金融管理局发布的统计显示，2025年7月新批核的住宅按揭贷款及商用物业贷款均按月下 跌。在未偿还贷款总额方面，住宅按揭贷款按月下跌，商用物业贷款则保持平稳。澳门银行于2025年7 月新批核的住宅按揭贷款按月下跌0.3%至10.5亿元(澳门元，下同)。其中，占新批核住宅按揭贷款 98.6%的居民部分上升1.6%至10.4亿元，非居民部分则下跌55.4%至1千5百万元。2025年5月至7月的新批 核住宅按揭贷款每月平均数为10.2亿元，较上期(2025年4月至6月)增加5.9%。 新批核的商用物业贷款从上月较高基数减少84.9%至2.8亿元。其中，占新批核商用物业贷款96.4%的居 民部分下跌85.2%至2.7亿元，非居民部分减少6 ...

Core Insights - The Hong Kong Monetary Authority released the residential mortgage statistics for June 2025, indicating a month-on-month increase in new mortgage applications and approvals [1] Group 1: Mortgage Applications - New mortgage applications in June increased by 4.8% compared to May, reaching 8,581 cases [1] - The total amount of new mortgage loans approved in June rose by 3.3% from May, amounting to HKD 27.5 billion [1] Group 2: Market Segmentation - Loans related to primary market transactions increased by 4.2% to HKD 9.3 billion [1] - Loans related to secondary market transactions saw a 2.4% increase, totaling HKD 15 billion [1] - Loans for refinancing transactions increased by 5.2%, reaching HKD 3.2 billion [1] Group 3: Utilization and Pricing - The amount of new mortgage loans drawn down in June increased by 8.9% from May, totaling HKD 17.7 billion [1] - The proportion of new mortgage loans priced based on the Hong Kong Interbank Offered Rate (HIBOR) rose from 93.4% in May to 94.7% in June [1] - The proportion of new mortgage loans priced based on the best lending rate decreased from 1.9% in May to 1.7% in June [1] Group 4: Outstanding Loans and Delinquency - The total outstanding mortgage loans increased by 0.1% month-on-month, reaching HKD 1,885.6 billion [1] - The mortgage delinquency ratio remained low at 0.13%, with the restructured loan ratio close to 0% [1]

Core Insights - The new residential mortgage loans approved in Macau increased by 7.2% month-on-month to 950 million MOP in May 2025, while new commercial property loans saw a significant decline of 62.1% to 570 million MOP [1] - The total outstanding residential mortgage loans amounted to 213.58 billion MOP, reflecting a month-on-month decrease of 0.4% and a year-on-year decrease of 5.4% [2] - The delinquency rate for residential mortgage loans remained stable at 3.6% month-on-month, while the delinquency rate for commercial property loans decreased by 0.1 percentage points to 5.4% [3] Group 1: New Loan Approvals - New residential mortgage loans approved in May 2025 increased by 7.2% to 950 million MOP, with the residential portion rising by 13.1% to 930 million MOP, while the non-residential portion fell to 21 million MOP [1] - New commercial property loans approved in May 2025 decreased by 62.1% to 570 million MOP, all of which were residential loans [1] - The average monthly new residential mortgage loans from March to May 2025 was 870 million MOP, up 9.3% from the previous period [1] Group 2: Outstanding Loans - As of the end of May 2025, the total outstanding residential mortgage loans was 213.58 billion MOP, down 0.4% month-on-month and down 5.4% year-on-year, with the residential portion accounting for 96.7% [2] - The total outstanding commercial property loans decreased by 1.0% month-on-month to 146.64 billion MOP, with a year-on-year decrease of 5.9% [2] - The outstanding residential and non-residential portions of residential mortgage loans decreased by 0.4% and 1.1% month-on-month, respectively [2] Group 3: Delinquency Rates - The delinquency rate for residential mortgage loans was stable at 3.6% month-on-month, with a year-on-year increase of 0.1 percentage points [3] - The delinquency rate for commercial property loans decreased by 0.1 percentage points to 5.4% month-on-month, but increased by 0.8 percentage points year-on-year [3]

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) has denied rumors regarding the establishment of a "bad bank" to manage non-performing loans, stating that banks are managing credit risks prudently and that the overall health of the banking sector is sound [2][3]. Group 1: Banking Sector Health - The HKMA emphasizes that the banking sector's balance sheets are healthy, with a credit provisioning coverage ratio exceeding 140%, indicating sufficient reserves to cover potential losses [3]. - As of the end of Q1 2025, the specific classified loan ratio slightly increased from 1.96% to 1.98%, but the overall asset quality remains manageable [4][5]. - The average liquidity coverage ratio for Class 1 institutions was reported at 182.5%, significantly above the statutory minimum requirement of 100% [5]. Group 2: Profitability and Loan Trends - In Q1 2025, the pre-tax operating profit of the retail banking sector increased by 15.8% year-on-year [5]. - Total loans in the Hong Kong banking sector rose by 0.6%, while total deposits increased by 3.5% during the same period [5]. - The loan-to-deposit ratio decreased from 57.0% at the end of Q4 2024 to 55.5% at the end of Q1 2025 [5]. Group 3: Credit Quality - The delinquency rates for credit card loans and residential mortgage loans remained low, at 0.37% and 0.13% respectively, as of the end of Q1 2025 [5].

Group 1 - The total amount of newly approved residential mortgage loans in Macau increased by 13.8% month-on-month to 880 million MOP in April 2025, with the residential portion rising by 6.8% to 820 million MOP [1] - The average monthly amount of newly approved residential mortgage loans from February to April 2025 was 790 million MOP, a decrease of 15.7% compared to the previous period [1] - Newly approved commercial property loans decreased by 22.1% month-on-month to 1.52 billion MOP, with the residential portion dropping by 45.6% to 1.01 billion MOP [1] Group 2 - As of the end of April 2025, the total outstanding residential mortgage loans decreased by 0.6% month-on-month to 214.39 billion MOP, a year-on-year decrease of 5.3% [2] - The outstanding commercial property loans amounted to 148.08 billion MOP, reflecting a month-on-month decrease of 0.3% and a year-on-year decrease of 5.2% [2] - The residential portion of outstanding residential mortgage loans accounted for 96.7% of the total [2] Group 3 - The residential mortgage loan delinquency ratio remained stable at 3.6% as of the end of April 2025, with a year-on-year increase of 0.1 percentage points [3] - The commercial property loan delinquency ratio was 5.5%, showing an increase of 0.1 percentage points month-on-month and 2.1 percentage points year-on-year [3] - Residential mortgage loans are secured by residential properties within the Macau SAR, while commercial property loans are secured by commercial properties within the same region [3]

Core Insights - In April 2025, new applications for residential mortgage loans in Hong Kong decreased by 7.8% compared to March, totaling 7,795 cases [1] - The amount of new mortgage loans approved in April increased by 2.4% from March, reaching HKD 25.3 billion [1] - Loans related to the primary market transactions decreased by 7.5% to HKD 9.3 billion, while loans related to secondary market transactions increased by 17.6% to HKD 13.7 billion [1] - Loans related to refinancing transactions saw a significant decrease of 23.5%, amounting to HKD 2.3 billion [1]

Core Insights - The new residential mortgage loans and commercial property loans in Macau increased month-on-month in March 2025, while the total outstanding loans decreased [1][2] Group 1: New Loans - New residential mortgage loans approved in March 2025 rose by 7.2% month-on-month to MOP 780 million, with the residential portion increasing by 7.7% to MOP 770 million, while the non-residential portion fell by 19.5% to MOP 10 million [1] - New commercial property loans increased by 27.4% month-on-month to MOP 1.94 billion, with the residential portion rising by 48.1% to MOP 1.86 billion, while the non-residential portion dropped by 69.9% to MOP 80 million [1] Group 2: Outstanding Loans - As of the end of March 2025, the total outstanding residential mortgage loans amounted to MOP 215.71 billion, down 0.5% month-on-month and 5.1% year-on-year, with the residential portion accounting for 96.6% [2] - The total outstanding commercial property loans decreased by 1.0% month-on-month to MOP 148.45 billion, down 5.9% year-on-year, with the residential portion making up 91.9% [2] Group 3: Loan Default Ratios - The residential mortgage loan default ratio remained stable at 3.6% as of the end of March 2025, up 0.2 percentage points year-on-year [3] - The commercial property loan default ratio increased to 5.4%, rising by 0.1 percentage points month-on-month and 2.1 percentage points year-on-year [3]

Economic Overview - In Q4 2024, Hong Kong's GDP grew by 2.4% year-on-year and 0.8% quarter-on-quarter, indicating an acceleration in economic growth compared to Q3 2024 [1][5] - The Hong Kong government announced a budget for 2025/26 with a significant increase in overall expenditure, projected to support economic development in the medium term [6][8] Domestic Demand - Private consumption expenditure decreased by 0.2% year-on-year in Q4 2024, with the decline narrowing by 1.1 percentage points compared to Q3 2024 [2][5] - Local fixed capital formation fell by 0.9% year-on-year, reflecting a significant drop in investment growth in real estate and manufacturing sectors [2][15] External Demand - Hong Kong's merchandise exports grew by 1.3% year-on-year in Q4 2024, but the growth rate slowed by 2.7 percentage points compared to Q3 2024 [2][16] - Service exports increased by 5.6% year-on-year, with notable recoveries in financial, tourism, and transportation services [2][17] Employment and Inflation - The seasonally adjusted unemployment rate in Q4 2024 was 3.1%, a slight increase of 0.1 percentage points from Q3 2024, remaining at historical lows [18][19] - The overall Consumer Price Index (CPI) rose by 1.4% year-on-year in Q4 2024, a decrease of 1.0 percentage point from Q3 2024, indicating moderate inflation [20] Interest Rates and Currency - Hong Kong's interest rates were cut by 50 basis points in Q4 2024, with a total reduction of 100 basis points for the year [21][22] - The Hong Kong dollar appreciated slightly against the US dollar, with the exchange rate moving from 7.77 HKD/USD to 7.76 HKD/USD in Q4 2024 [24] Financial Markets - The Hong Kong stock market showed signs of recovery in Q4 2024, with average daily trading volume increasing to 186.1 billion HKD, up from 121.1 billion HKD in Q3 2024 [26][30] - There was a significant inflow of southbound and overseas funds, with net inflows of 304.3 billion HKD and 2.779 billion USD respectively in Q4 2024 [30] Real Estate Market - The real estate market in Hong Kong saw a substantial increase in transaction volumes, with new and second-hand home sales rising by 100% and 31% respectively quarter-on-quarter [3][31] - The average rent for private residential properties increased by 3.9% year-on-year in Q4 2024, while the rental yield stabilized at around 3.6% [32][37] Banking Sector - Customer deposits in Hong Kong's banking sector grew by 7.1% year-on-year by the end of 2024, while customer loan balances decreased by 2.8% [4][43] - The net interest margin improved slightly due to a decrease in funding costs, despite the overall loan demand being constrained by high interest rates [52][54]