In October 2023, there were 47 bank mortgage loans for the elderly registered in Hong Kong, an increase of 27% over the previous year, all of which were contracted by Bank of China Hong Kong (02388).
According to the Zhitong Finance App, figures from the Central Plains Mortgage Research Department and Land Registry Office indicate that in October 2023, there were 47 elderly mortgage registrations by Hong Kong banks, an increase of 27% over the previous month, all of which were constructed by Bank of China Hong Kong (02388). Combining figures for the first 10 months of this year, Hong Kong recorded 278 mortgage registrations for the elderly, an increase of 44% compared with 193 cases in the same period last year. Among them, Bank of China Hong Kong recorded 273 mortgage registrations for the elderly, an increase of 51% over the previous year, and the market share reached 98.2%, which topped the list. The Shanghai Commercial Bank ranked second during the period. There were 3 mortgage registrations for the elderly, an increase of 50% over the previous year, and the market share increased to 1.1%. Bank of East Asia (00023) and Bank of Communications (03328) tied for third place, with 1 registration each, and a market share of 0.4%.
Currently, a total of 11 banks are participating in providing anti-aging mortgages. According to data from the Central Plains Mortgage Research Department, 47 mortgage registrations for the elderly were recorded in October 2023, an increase of 10 cases compared to 37 in August, an increase of 27% over the previous month. Since the launch of the Elderly Mortgage Plan, Bank of China Hong Kong has been at the top of the market share list. In October, all 47 registrations were made by BOCHK, with a market share of 100%.
According to statistics from Hong Kong mortgage insurance companies, there were 75 mortgage applications for the elderly in October 2023, a decrease of 10 from 85 in the previous month (a decrease of 11.8%). A cumulative total of 594 applications were received in the first 10 months of 2023, a decrease of 14.3% compared to 693 in the same period last year.
According to statistics from the Hong Kong Mortgage Corporation, as of October 31, 2023, there were a total of 6,767 applications for the Elderly Mortgage Plan, with single applications accounting for the most, reaching 65.4%, while two and three people accounted for 34.5% and 0.1% respectively. The average age of mortgage users for the elderly is about 68 years old, the average property value is HK$5.9 million, the average monthly annuity is HK$17,500, and the average age of the property is 31 years. Since there is no need to worry about repayment issues, the majority of applicants chose to receive a lifetime annuity, reaching 51.7%, followed by a fixed 10-year period, up to 21.8%. The main reason is that they can get the maximum annuity amount if they choose a fixed period of 10 years.