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FS outlines fiscal consolidation plan

In the 2024-25 Budget announced today, Financial Secretary Paul Chan proposed a number of measures to increase revenue and outlined a fiscal consolidation programme which aims to restore fiscal balance in a few years’ time.   Mr Chan said even though the Government strived to reduce expenditure as the COVID-19 pandemic had subsided, the total expenditure for 2023-24 reached $727.9 billion, representing an increase of 36.9% compared with 2018-19, of which operating expenditure rose substantially by 40.2% whereas operating revenue increased only 13.1%.   On capital works, owing to the fact that the Government has been pressing ahead with land and housing supply projects, along with other infrastructure works for improving the environment and people’s livelihood, the average annual expenditure has increased from about $76 billion over the past five years to about $85 billion in 2023-24.   Fiscal reserves have dropped to the current level of $733.2 billion.   Fiscal consoli

Mortgage loans down 1.7%

The value of residential mortgage loans approved in November was $24.5 billion, a 1.7% decline compared with October, the Monetary Authority announced today.

 

Mortgage loans financing primary market transactions rose 10.1% to $6.2 billion, while those financing secondary market transactions increased 17.1% to $9.4 billion.

 

Loans for refinancing decreased 20.8% to $9 billion.

 

Mortgage loans drawn down during the month dipped 20.1% to $16.2 billion.

 

The number of mortgage applications in November stood at 6,000, representing a month-on-month increase of 12%.

 

The outstanding value of mortgage loans dropped 0.04% to stand at $1.8575 trillion at the end of November.


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