The Zhitong Finance App learned that Wang Meifeng, managing director of Central Plains Mortgage, pointed out that the Hong Kong property market resumed its boom in March, and that the relevant banks chose to further cut rebates and reduce the cost burden at this point. Based on the fact that the Hong Kong property market has stabilized, and the rebate reduction does not involve interest rate adjustments, it has little real influence on the property market. Since the adjustments of large banks are indicative, it is believed that other banks will follow the reduction in mortgage cash rebates to reduce capital cost pressure.

Wang Meifeng said that although one-month interest rates have dropped from an average of 5.49% in December last year to the current level of about 4.5%, the current market interest rate is mainly 4.125%, and the interest rate is still higher than the mortgage rate. The interest rate rate reflects that the bank's capital cost level is still high. In addition, the “interest rate is higher than the mortgage rate” situation has continued for more than 10 months since May last year. It is believed that banks have decided to drastically repay the mortgage amount in the past. I believe banks mainly decide to drastically repay mortgage loan amounts in consideration of saving capital costs.

Wang Meifeng explained that with regard to the rebate adjustment, banks keep a higher rebate rate for mortgage insured customers, reflecting that banks place more importance on secured customers in terms of mortgage policies. Based on the basic conditions of the mortgage insurance, they must be self-occupied properties, and insurance premiums are involved. Therefore, most insured customers are mainly long-term users, which is more beneficial for banks to manage mortgage income and credit risk.

She added that the banks concerned cut cash rebates to 0%, that is, there is no cash rebate on transfers. It is believed that the conversion market has shrunk markedly based on the bank's interest rate hike for new purchases and rebate reduction orders in September last year. The latest residential mortgage statistics show that the amount of new loans has fallen below the level of 1,000. In January, there were only 898 new approvals, falling to a new low of 5 months to 12 years. Therefore, the bank chose to further save costs by shifting to the market, which is a business strategy adjustment.

Wang Meifeng pointed out that in the current bank mortgage adjustment, although rebates have been reduced quite a bit, it does not involve interest rate adjustments, so it does not affect the burden of building supply and income level requirements. I believe there is little impact on the real estate market. Interest rates will take a U-turn during the year, and banks will be able to gradually reduce the pressure on capital costs in the second half of the year. As the property market improves, I believe banks will maintain a positive attitude in terms of housing policy. Recently, due to the effects of loosening the property market, demand for mortgage loans has increased dramatically from a low level due to the effects of loosening the property market. It is believed that banks that provide loans to buyers can continue to positively support market demand.

Wang Meifeng added that in this adjustment, there is a difference in the extent to which banks adjust cash rebates. Some banks have reduced their cash rebates relatively slightly, which is beneficial to retaining good competitiveness. Currently, the difference in mortgage cash rebates offered by banks has widened to range from 0.2% to as much as 2% of the loan amount. Depending on the size of the loan amount and different customers or loan types, it is believed that some banks will follow the reduction in mortgage rebates later, and mortgage users can understand or compare according to their own needs.