The Zhitong Finance App learned that according to the latest data from the Meridian Mortgage Referral Research Division and the Hong Kong Land Registry, the number of current housing mortgages in November 2024 was 3096, a decrease of 837 cases (21.3%) from 3933 in October, falling for 4 consecutive months, to a record monthly low in 2001. The number of real estate mortgage loans this month was 259, a decrease of 289 (52.7%) from 548 in October. It fell for 2 consecutive months, hitting a seven-month low. Compared with the same period last year, the number of current housing mortgages in November 2024 decreased by 1,719 (35.7%) compared to 4815 in the same period in 2023; the number of real estate mortgages increased 109 (72.7%) compared to 150 in the same period in 2023.

Comparing the first 11 months, the number of existing home mortgages recorded 0.046336 million in the first 11 months of this year, down 0.024074 million (34.2%) from 0.07041 million in the same period last year, setting a new low for the first 11 months since records began in 2001. The number of real estate mortgage loans in the first 11 months of this year was 3,865, an increase of 2,364 (157.5%) compared to 1501 in the same period last year.

Cao Deming, chief vice president of Meridian Mortgage Referral, said that the current housing mortgage figures reached a record low in November and are believed to still reflect the economic situation in the 3rd quarter and the market conditions before the “Policy Address” was released. Furthermore, due to the lack of large-scale new listings, real estate mortgage figures declined significantly from month to month. With the Bank of Hong Kong cutting interest rates, a number of property policies were introduced in the “Policy Address”. Trading stabilized in October and November. It is expected that current housing and property mortgage figures will also stop falling and stabilize.

In terms of current bank market share, BOCHK (02388) won two consecutive championships, topping the list with a market share of 28.9%; HSBC ranked second with a market share of 22.3%; Hang Seng Bank (00011) ranked third with a market share of 10.5%; Standard Chartered Bank ranked fourth with a market share of 7.3%; and ICBC Asia dropped one level, ranking fifth with a market share of 2.9%.

In terms of bank market share, HSBC won eight consecutive championships, ranking first with a market share of 23.6%; Bank of China Hong Kong ranked second with a market share of 17%; Hang Seng Bank rose two levels to rank third with a market share of 12.4%; ICBC Asia fell one level to rank fourth with a market share of 12%; and Bank of East Asia (00023) dropped one level, ranking fifth with a market share of 9.7%.

The current property market share of the big four banks fell slightly by 0.1% to 69.1% in November 2024 from 69.2% last month. Cao Deming said that banks have recently turned positive in their attitude towards the mortgage business. In addition to speeding up the mortgage approval process, some banks have also restarted mortgage cash rebates, and three major banks have also launched low-interest fixed mortgage plans to seek more mortgage business. It is expected that other banks will attract customers according to their own strategies, which will have a stabilizing effect on the mortgage market.