Mortgage approvals in Hong Kong reached their highest level since the Asian financial crisis last month as the territory’s already buoyant economy continued to benefit from its link to US interest rate policy. Financial Times

Banks approved new mortgages worth HK$27.7bn (US$3.6bn, £1.8bn) in November, a 76% rise over the same month last year, according to the Hong Kong Monetary Authority.

It was the highest recorded level since July 1997 when, at the height of the territory’s last property bubble, banks signed off on new mortgages worth HK$33.7bn.

Mortgage lending figures in Hong Kong, with a population of 7m, can be volatile, depending on the number of new developments coming on to the market.