The following is the unedited transcript of the news release from Hong Kong Monetary Authority, HK

According to the 23 authorized institutions (AIs) which participate in the HKMA''s monthly survey of residential mortgage lending, new mortgage loans drawn down during March 2008 increased by 12.3% to HK$20.6 billion.

New loans approved increased by 5.2% to HK$24.7 billion. The increase was due to increases of HK$1.4 billion (+89.1%) in approvals for primary market transactions and of HK$1.0 billion (+35.1%) in approvals for refinancing loans, which more than offset the HK$1.2 billion (-6.6%) decrease in approvals for secondary market transactions. The number of new applications increased by 13.8%.

The proportion of new loans approved at more than 2.5% below the best lending rate increased to 90.0% from 89.0% in February, as the proportion of approvals for HIBOR-based loans1 decreased.

The outstanding value of mortgage loans increased by 0.9% to HK$574.8 billion.

The mortgage delinquency ratio and rescheduled loan ratio declined to 0.09% and 0.17% respectively, driving the combined ratio to a record low of 0.27%.

Available at:

http://www.info.gov.hk/hkma/eng/press/press_f.htm