New home loan approvals in Hong Kong rose 28.4% in May, the sixth consecutive month of growth, as developers stepped up apartment sales and lenders lowered mortgage rates.

New approvals increased to HK$28.1bn last month after rising 31% in April, the Hong Kong Monetary Authority said yesterday. Approvals for new flats jumped 48.1%, or HK$2.1bn, while those for existing homes increased 22.6% or HK$3.6bn, it said.

South China Morning Post