Core Insights - The overall mortgage refinancing registration volume in Hong Kong showed a slight recovery from the low levels at the end of last year, but remains in a low-level horizontal state [1] Group 1: Market Performance - In January 2026, the number of bank mortgage refinancing registrations recorded was 547, representing a month-on-month decrease of 7.3% and a year-on-year increase of 1.3% [1] - The mortgage refinancing market continues to be weak due to banks raising interest rates for new and refinancing mortgage plans in 2023, which has resulted in existing homeowners having lower interest rates compared to current market rates [1] Group 2: Property Market Conditions - Although Hong Kong property prices have stabilized and started to rise since 2025, they remain over 20% below their peak levels, leading to weak incentives for refinancing [1] Group 3: Market Share - The ranking of the top five banks in the mortgage refinancing market remains unchanged, with Bank of China (Hong Kong) leading with a market share of 22.3% in January 2026, maintaining its position for seven consecutive months [1]

Core Viewpoint - The mortgage refinancing market in Hong Kong is expected to decline in 2025, with a projected 6,941 registrations, representing a 14.4% decrease from 2024, marking the lowest level since records began in 2010 [1] Group 1: Market Trends - The mortgage refinancing market has been weak due to banks raising interest rates for new and refinancing plans in 2023, leading to existing mortgage holders having lower interest rates than current market rates [1] - Despite a stabilization and slight recovery in property prices since last year, they remain over 20% below their peak, resulting in weak incentives for refinancing [1] Group 2: Market Share - Bank of China Hong Kong (02388) is projected to maintain the highest market share in mortgage refinancing at 25% for 2025, marking its fourth consecutive year in this position [1] Group 3: Future Outlook - The mortgage refinancing market is expected to rebound in 2026, driven by improving property valuations and a declining interest rate environment, which will lower funding costs [2] - Factors such as increased bank incentives and easier approval processes for refinancing applications are anticipated to contribute to a rise in refinancing registrations from low levels [2]

王美凤进一步分析，转按市道持续偏淡有其结构性原因。银行曾于2023年上调新造及转按计划息率，导 致大部分早年承造按揭的业主，其现有供楼利息仍低于现时市场按息，对他们来说缺乏转按诱因。 中原按揭研究部数据显示，2025年11月银行转按登记共录得541宗，月环比跌幅为13.3%，其中，中银 香港录得150宗登记，与10月份登记宗数相同，市占率为27.7%，月环比升3.7个百分点，持续5个月领先 转按市场。至于汇丰银行录得107宗登记，月环比跌10.1%，排名第二，市占率约19.8%，月环比升0.7个 百分点。另一方面，东亚银行(00023)连升3位，以46宗登记(市占率8.5%)排行第三。恒生银行(00011)持 续排行第四，但市占率月环比跌1.5个百分点，11月市占率轻降至8.3%(45宗）。渣打银行连跌2位，宗 数(43宗)及市场占有率(7.9%)分别下跌42.7%及4.1个百分点，排行第五。工银亚洲、上海商业银行、信 银国际、大新银行(02356)及华侨银行香港分别位列第六至第十位。 智通财经APP获悉，中原按揭董事总经理王美凤表示，根据中原按揭研究部及土地注册处数据，2025年 11月银行转按登记共录得5 ...