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'Silver economy' panel set up

The Commerce & Economic Development Bureau today established the Advisory Panel on Silver Economy and convened its first meeting with the aim of initiating research on the development of Hong Kong’s growing elderly population as a consumer segment.    Chairing the panel, Secretary for Commerce & Economic Development Algernon Yau said the elderly demographic was emerging as an important part of the city’s economy.    He highlighted that many products and services designed to enhance the quality of life enjoyed by elderly residents are spurring growth and business opportunities.    Mr Yau added that promoting such products and services can help to foster the development of the so-called silver economy and unleash business potential in the elderly market, whilst also catering to the aspirations and needs of elderly people. He said this would be the advisory panel’s focus.     At today’s meeting, the panel endorsed its terms of reference, reviewed statistics relating to

Mortgage loans down 1.7%

The value of residential mortgage loans approved in November was $24.5 billion, a 1.7% decline compared with October, the Monetary Authority announced today.

 

Mortgage loans financing primary market transactions rose 10.1% to $6.2 billion, while those financing secondary market transactions increased 17.1% to $9.4 billion.

 

Loans for refinancing decreased 20.8% to $9 billion.

 

Mortgage loans drawn down during the month dipped 20.1% to $16.2 billion.

 

The number of mortgage applications in November stood at 6,000, representing a month-on-month increase of 12%.

 

The outstanding value of mortgage loans dropped 0.04% to stand at $1.8575 trillion at the end of November.


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