Month: October 2025

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Monetary Statistics for September 2025

Source: Hong Kong Government special administrative region

The following is issued on behalf of the Hong Kong Monetary Authority:

According to statistics published today (October 31) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 1.3 per cent in September 2025. Among the total, Hong Kong dollar deposits and foreign currency deposits increased by 1.4 per cent and 1.3 per cent respectively in September. In the year to end-September, total deposits and Hong Kong dollar deposits increased by 10.2 per cent and 4.1 per cent respectively. Renminbi deposits in Hong Kong increased by 3.5 per cent in September to RMB1,001.8 billion at the end of September. The total remittance of renminbi for cross-border trade settlement amounted to RMB1,123.2 billion in September, compared with RMB996.9 billion in August. It should be noted that changes in deposits are affected by a wide range of factors, such as interest rate movements and fund-raising activities. It is therefore more appropriate to observe the longer-term trends, and not to over-generalise fluctuations in a single month.
 
Total loans and advances increased by 0.7 per cent in September, and increased by 1.6 per cent in the year to end-September. Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong increased by 0.6 per cent and 0.7 per cent respectively in September. The Hong Kong dollar loan-to-deposit ratio decreased to 73.6 per cent at the end of September from 74.6 per cent at the end of August, as Hong Kong dollar deposits increased while Hong Kong dollar loans remained virtually unchanged.
 
For the third quarter of 2025 as a whole, loans for use in Hong Kong (including trade finance) decreased by 0.4 per cent after increasing by 1.6 per cent in the previous quarter. Analysed by economic use, loans to building, construction, property development and investment decreased, while loans to financial concerns increased.
 
Hong Kong dollar M2 and M3 both increased by 1.4 per cent in September, and both increased by 4.5 per cent when compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 decreased by 1.4 per cent in September, while increased by 11.5 per cent compared to a year ago, reflecting in part investment-related activities. Total M2 and total M3 both increased by 1.3 per cent in September. Compared to a year earlier, total M2 and total M3 both increased by 11.1 per cent. 
 
As monthly monetary statistics are subject to volatilities due to a wide range of transient factors, such as seasonal funding demand as well as business and investment-related activities, caution is required when interpreting the statistics.

Release Schedule of Monetary Statistics in Hong Kong

The monthly release schedule of monetary statistics in Year 2026 is as follows.
 

Reference Month Release Date
January 2026 February 27, 2026
February 2026 March 31, 2026
March 2026 April 30, 2026
April 2026 May 29, 2026
May 2026 June 30, 2026
June 2026 July 31, 2026
July 2026 August 31, 2026
August 2026 September 30, 2026
September 2026 October 30, 2026
October 2026 November 30, 2026
November 2026 December 31, 2026
December 2026 January 29, 2027
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Residential mortgage loans in negative equity: End of September 2025

Source: Hong Kong Government special administrative region

Residential mortgage loans in negative equity: End of September 2025  
     The estimated number of RMLs in negative equity was 31 449 cases at end-September 2025, as compared to 37 806 cases at end-June 2025. These cases were mainly related to bank staff housing loans or RMLs under mortgage insurance programme, which generally have a higher loan-to-value ratio.
 
     The aggregate value of RMLs in negative equity decreased to HK$156.8 billion at end-September 2025 compared with HK$190.2 billion at end-June 2025.
 
     The unsecured portion of these loans decreased to HK$10.9 billion at end-September 2025 from HK$14.3 billion at end-June 2025.
 
     The three-month delinquency ratio of RMLs in negative equity remained at a low level of 0.24 per cent at end-September 2025 as compared to 0.21 per cent at end-June 2025.
 
     It is important to note that the figures derived from this survey relate only to RMLs provided by authorized institutions on the basis of first mortgages and which the reporting institution knows to be in negative equity (i.e. the outstanding loan amount with the reporting institution exceeds the current market value of the mortgaged property). Not included in these figures are RMLs associated with co-financing schemes which would be in negative equity if the second mortgages were taken into account. The extent to which such RMLs are in negative equity is not known because authorized institutions do not maintain records on the outstanding balances of the second mortgages. 
 
     The mortgage portfolios of the surveyed authorized institutions represent about 99 per cent of the industry total. The survey results have been extrapolated to estimate the position of the banking sector as a whole. 
Issued at HKT 16:45

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Provisional Statistics of Retail Sales for September 2025

Source: Hong Kong Government special administrative region

     The Census and Statistics Department (C&SD) released the latest figures on retail sales today (October 31).

     The value of total retail sales in September 2025, provisionally estimated at $31.3 billion, increased by 5.9% compared with the same month in 2024. The revised estimate of the value of total retail sales in August 2025 increased by 3.9% compared with a year earlier. For the first 9 months of 2025 taken together, it was provisionally estimated that the value of total retail sales decreased by 1.0% compared with the same period in 2024. 
Commentary

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Government’s financial results for six months ended September 30, 2025

Source: Hong Kong Government special administrative region

Government’s financial results for six months ended September 30, 2025 

 
 September 30, 2025
HK$ millionSeptember 30, 2025
HK$ millionand repayment of
Government Bondsissuance of
Government BondsGovernment Bonds*and repayment of
Government BondsGovernment Debts as at September 30, 2025 (Note 3)
    HK$338,229 million
Debts Guaranteed by Government as at September 30, 2025 (Note 4)
    HK$116,761 million

TABLE 2. FISCAL RESERVES
 

 
 September 30, 2025
HK$ millionSeptember 30, 2025
HK$ millionissuance and repayment of
Government Bonds(Note 5)Notes:

1. This Account consolidates the General Revenue Account and the following eight Funds: Capital Works Reserve Fund, Capital Investment Fund, Civil Service Pension Reserve Fund, Disaster Relief Fund, Innovation and Technology Fund, Land Fund, Loan Fund and Lotteries Fund. It excludes the Bond Fund, the balance of which is not part of the fiscal reserves. The Bond Fund balance as at September 30, 2025, was HK$170,212 million. 
(i) the Green Bonds (equivalent to HK$193,122 million as at September 30, 2025) issued under the Government Sustainable Bond Programme. They were denominated in US dollars (US$10,950 million with maturity from January 2026 to January 2053), euros (5,580 million euros with maturity from February 2026 to November 2041), Renminbi (RMB32,000 million with maturity from February 2026 to July 2054) and Hong Kong dollars (HK$22,000 million with maturity from February 2026 to October 2026);
 
(ii) the Infrastructure Bonds (equivalent to HK$90,596 million as at September 30, 2025) issued under the Infrastructure Bond Programme. They were denominated in Renminbi (RMB31,250 million with maturity from December 2025 to June 2055) and Hong Kong dollars (HK$56,480 million with maturity from November 2025 to June 2055); and
 
(iii) the Silver Bonds with nominal value of HK$54,511 million (with maturity in October 2027 and may be redeemed before maturity upon request from bond holders) issued under the Infrastructure Bond Programme.
 
     They do not include the outstanding bonds with nominal value of HK$124,317 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,784 million as at September 30, 2025) issued under the Government Bond Programme with proceeds credited to the Bond Fund. Of these bonds under the Government Bond Programme (including Silver Bonds with nominal value of HK$53,817 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$77,217 million will mature within the period from October 2025 to September 2026, and the rest within the period from October 2026 to May 2042.
 
4. Includes guarantees provided under the SME Loan Guarantee Scheme launched in 2001, the Special Loan Guarantee Scheme launched in 2008, the SME Financing Guarantee Scheme launched in 2012, and the Loan Guarantee Scheme for Cross-boundary Passenger Transport Trade, the Loan Guarantee Scheme for Battery Electric Taxis and the Loan Guarantee Scheme for Travel Sector launched in 2023.Issued at HKT 16:30

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Advance estimates on Gross Domestic Product for third quarter of 2025

Source: Hong Kong Government special administrative region

Advance estimates on Gross Domestic Product for third quarter of 2025 
     According to the advance estimates, GDP increased by 3.8% in real terms in the third quarter of 2025 over a year earlier, compared with the increase of 3.1% in the second quarter.
 
     Analysed by major GDP component, private consumption expenditure increased by 2.1% in real terms in the third quarter of 2025 over a year earlier, compared with the increase of 1.9% in the second quarter.
 
     Government consumption expenditure measured in national accounts terms recorded an increase of 1.6% in real terms in the third quarter of 2025 over a year earlier, compared with the increase of 2.5% in the second quarter.
 
     Gross domestic fixed capital formation increased further by 4.3% in real terms in the third quarter of 2025 over a year earlier, following the increase of 1.9% in the second quarter.
 
     Over the same period, total exports of goods measured in national accounts terms recorded an increase of 12.2% in real terms over a year earlier, compared with the increase of 11.5% in the second quarter. Imports of goods measured in national accounts terms grew by 11.7% in real terms in the third quarter of 2025, compared with the increase of 12.6% in the second quarter.
 
     Exports of services rose by 6.1% in real terms in the third quarter of 2025 over a year earlier, after the increase of 8.6% in the second quarter. Imports of services increased by 2.6% in real terms in the third quarter of 2025, compared with the increase of 7.3% in the second quarter.
 
     On a seasonally adjusted quarter-to-quarter comparison basis, GDP increased by 0.7% in real terms in the third quarter of 2025 when compared with the second quarter.
 
Commentary
 
     A Government spokesman said that the Hong Kong economy staged a robust performance in the third quarter of 2025, driven by a continued surge in exports and sustained expansion in domestic demand. According to the advance estimates, real GDP grew by 3.8% over a year earlier, picking up from the 3.1% growth in the preceding quarter. On a seasonally adjusted quarter-to-quarter basis, real GDP rose further by 0.7%.
 
     Analysed by major expenditure component, total exports of goods continued to grow markedly in the third quarter, propelled by strong demand for electronic-related products and buoyant regional trade flows. Exports of services also expanded notably, mainly supported by continued growth in inbound tourism and vibrant cross-boundary financial activities amid rises in global stock markets. Domestically, private consumption expenditure grew further. Overall investment expenditure saw an accelerated increase alongside the economic expansion and stabilisation in the residential property market.
 
     Looking ahead, the Hong Kong economy should see further solid growth for the rest of 2025. Sustained moderate growth of the global economy in the near term, together with the persistent stellar demand for electronic-related products of late, should provide further support to Hong Kong’s exports of goods. Continued increase in visitor arrivals and vibrant financial market activities should provide further impetus to exports of services. On the domestic front, the renewed interest rate cuts in the United States since this September are conducive to boosting asset market sentiment. Coupled with a gradual recovery in consumption confidence and also a visible improvement in business sentiment from earlier this year, these developments should lend support to local consumption and investment activity. The Government’s various measures to develop the economy and diversify markets will also provide support. However, external uncertainties, especially those arising from the ongoing impacts of trade barriers on the global economy, international trade and financial conditions still warrant close monitoring.
 
     The revised figures on GDP and more detailed statistics for the third quarter of 2025, as well as the revised GDP forecast for 2025, will be released on November 14, 2025.
 
Further information
 
     The year-on-year percentage changes of GDP and selected major expenditure components in real terms from the third quarter of 2024 to the third quarter of 2025 are shown in Table 1.
 
     When more data become available, the C&SD will compile revised figures on GDP. The revised figures on GDP and more detailed statistics for the third quarter of 2025 will be released at the C&SD website (www.censtatd.gov.hk/en/scode250.html 
     For enquiries about statistics on GDP by expenditure component, please contact the National Income Branch (1) of the C&SD (Tel: 2582 5077 or email: gdp-e@censtatd.gov.hkIssued at HKT 16:29

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Approved Tung Chung Valley Outline Zoning Plan amended

Source: Hong Kong Government special administrative region

Approved Tung Chung Valley Outline Zoning Plan amended 
The Notes and Explanatory Statement of the OZP are amended to take into account the above amendments. Opportunity is also taken to update the general information of various land use zones and the planning scheme area, where appropriate. 
Any person may make written representations in respect of the amendments to the Secretary of the Town Planning Board on or before December 31. Any person who intends to make a representation is advised to read the Town Planning Board Guidelines No. 29C on “Submission and Processing of Representations and Further Representations” (TPB PG-No. 29C).* The Secretariat of the Town Planning Board reserves the right to require the representer to provide identity proof for verification.Issued at HKT 16:00

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Approved Ngau Tam Mei Outline Zoning Plan amended

Source: Hong Kong Government special administrative region

Approved Ngau Tam Mei Outline Zoning Plan amended* The Secretariat of the Town Planning Board reserves the right to require the representer to provide identity proof for verification.Issued at HKT 16:00

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Approved Cha Kwo Ling, Yau Tong, Lei Yue Mun Outline Zoning Plan amended

Source: Hong Kong Government special administrative region

Approved Cha Kwo Ling, Yau Tong, Lei Yue Mun Outline Zoning Plan amended 
     The Notes and Explanatory Statement of the OZP are amended to take into account the above amendments. Opportunity is also taken to update the general information of various land use zones and the planning scheme area, where appropriate. 
     Any person may make written representations in respect of the amendments to the Secretary of the Town Planning Board on or before December 31. Any person who intends to make a representation is advised to read the Town Planning Board Guidelines No. 29C on “Submission and Processing of Representations and Further Representations” (TPB PG-No. 29C).* The Secretariat of the Town Planning Board reserves the right to require the representer to provide identity proof for verification.Issued at HKT 16:00

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