BOC Hong Kong Leads Mortgage Refinancing Market for 5th Consecutive Month in November, Registrations Drop 13% MoM

Stock News16:35

According to data from the Land Registry and research by a leading mortgage agency, bank refinancing registrations in November 2025 totaled 541 cases, marking a 13.3% month-on-month decline from October’s 624 cases. While the figures indicate stabilization within the 500–600 range for most of the year—a recovery from the extreme lows seen in late 2024—they remain subdued compared to the historical average of over 1,000 monthly registrations during active refinancing periods.

BOC Hong Kong (02388) maintained its dominance in the refinancing market for the fifth consecutive month, securing a 27.7% share (150 cases) in November, up 3.7 percentage points from October. HSBC followed with 107 cases (19.8% share), down 10.1% monthly but up 0.7 percentage points in market share. Bank of East Asia (00023) climbed three spots to third place with 46 cases (8.5% share), while HANG SENG BANK (00011) retained fourth place despite a 1.5-percentage-point drop to an 8.3% share (45 cases). Standard Chartered fell two positions to fifth, with registrations plunging 42.7% to 43 cases (7.9% share).

For the first 11 months of 2025, cumulative refinancing registrations fell 17.1% year-on-year to 6,351 cases. BOC Hong Kong led with 1,576 cases (24.8% share), followed by HSBC (1,199 cases, 18.9%). HANG SENG BANK rose two spots to third (629 cases, 9.9%), while ICBC (Asia) slipped to fourth (530 cases, 8.3%). Standard Chartered surged 170% in registrations (511 cases, 8% share), jumping to fifth.

Other notable shifts included Bank of East Asia’s 36.9% annual decline (6% share, sixth place) and Shanghai Commercial Bank’s meteoric rise to seventh (229 cases, 3.6% share, up nearly sixfold year-on-year). DAHSING BANK (02356) ranked ninth (147 cases, 2.3%), while Citigroup exited the top 10 in November and slid to tenth for the 11-month period (146 cases, 2.3%).

Analysts attribute the prolonged market weakness to structural factors, including banks’ 2023 rate hikes on new and refinanced mortgages, which left existing borrowers with lower rates than current offerings, reducing incentives to refinance.

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