Darius Baruo
Might 26, 2025 05:49
The Hong Kong Mortgage Company Restricted (HKMC) pronounces its 2024 monetary outcomes, noting key achievements and challenges in asset buy, debt issuance, and mortgage insurance coverage.
The Hong Kong Mortgage Company Restricted (HKMC) has launched its 2024 monetary outcomes, showcasing a 12 months marked by strategic initiatives and market challenges. In response to the Hong Kong Financial Authority, the HKMC continued to assist Hong Kong’s financial stability and promote wider residence possession, regardless of an more and more complicated financial surroundings.
Enterprise Highlights
In 2024, the HKMC acquired HK$3.9 billion in mortgage belongings, a notable improve from HK$2.8 billion in 2023. The company additionally bought HK$5.1 billion in loans below the SME Financing Assure Scheme (SFGS) and HK$52 million from the Devoted 100% Mortgage Assure Schemes (DLGS). The second issuance of infrastructure loan-backed securities amounted to US$423.3 million, diversifying its portfolio throughout numerous sectors.
Debt Issuance and Credit score Scores
The HKMC issued HK$103.5 billion in company money owed, surpassing the earlier 12 months’s HK$98.3 billion, cementing its place as a number one issuer of Hong Kong greenback company bonds. The issuance included HK$12 billion in multi-tenor HKD benchmark bonds, marking the biggest HKD senior unsecured public bond transaction at issuance. The company maintained robust credit score rankings of AA+ from S&P International Scores and Aa3 from Moody’s, aligning with the Hong Kong SAR Authorities’s rankings.
Mortgage and Mortgage Applications
The Mortgage Insurance coverage Programme (MIP) facilitated HK$47.9 billion in new loans, with 56% secured on secondary market properties. Since 1999, the MIP has supported roughly 235,000 households with a complete mortgage drawdown of HK$869.8 billion. Beneath the SME Financing Assure Scheme, over 27,400 functions have been accepted for the 80% Assure Product, totaling HK$118.4 billion in loans.
Monetary Efficiency
Regardless of a consolidated loss after tax of HK$418 million, a rise from the earlier 12 months’s HK$260 million loss, the HKMC’s adjusted revenue after tax was HK$787 million. This adjustment excludes the impacts of the annuity enterprise and market volatility on the reverse mortgage sector. The company’s capital adequacy ratio stood at 19.9%, properly above the 8% minimal requirement.
Strategic Outlook
With a give attention to prudent prefunding methods and strong communication with funding communities, the HKMC stays ready to navigate monetary turbulence. Its strategic initiatives, together with the event of retirement planning markets, proceed to assist its core missions and social aims.
For complete particulars, the 2024 Annual Report shall be accessible on the HKMC’s official web site.
Picture supply: Shutterstock
