According to data from a mortgage research department and the Land Registry, January 2026 recorded 2,213 subsidized housing mortgage registrations, including Home Ownership Scheme flats and other subsidized housing units. This represents a surge of more than 400% compared to the 425 registrations in December 2025, and a significant increase of 125% compared to January 2025. The strong performance is attributed to the completion and subsequent mortgage applications for several large new HOS projects at the end of 2025, leading to a positive start for subsidized housing mortgages in 2026.
Among the registrations in the first month of 2026, BOC HONG KONG accounted for 1,180 cases. This number represents a sharp increase of approximately 140% year-on-year, securing a dominant market share of 53.3% and maintaining its leading position in the subsidized housing mortgage sector. Several banks experienced multiples growth in registration volume. The top four banks by market share all recorded increases exceeding 100%. The most significant growth among other banks was seen at Citibank, with an increase of roughly 200%, followed by ICBC Asia, which saw a 150% rise.
In the secondary market for subsidized housing, January 2026 recorded 403 transactions, an 84% increase compared to the same period last year. This is the second-highest figure for January since 2020, only surpassed by the 465 transactions recorded in January 2023.
Analysis suggests that 2026 will see several new HOS and Green Form Subsidised Home Ownership Scheme projects completed, entering the mortgage application phase. Furthermore, the quota for the White Form Secondary Market Scheme was increased at the end of last year, with additional approval letters recently issued. A stabilizing and improving property market is also expected to encourage White Form buyers to expedite their purchasing decisions, thereby driving continued growth in subsidized housing mortgage lending. The government-guaranteed nature of these mortgages incentivizes banks to actively compete for this customer segment.
Traditionally, the subsidized housing mortgage market has been dominated by large banks. In 2025, the combined market share of the top three banks exceeded 90%. However, by the end of last year, some small and medium-sized banks began actively entering this market, intensifying efforts to attract subsidized housing clients. For instance, some banks increased cash rebates for HOS mortgages to enhance their competitiveness. It is anticipated that the volume of subsidized housing mortgage registrations will increase further in 2026.
Regarding the secondary market, continued stabilization and improvement in the property market have bolstered buyer confidence, concurrently driving up transactions in the secondary subsidized housing sector. Based on current figures, the secondary market for HOS flats recorded 403 transactions in January 2026, a slight increase of 5.2% from 383 transactions in December 2025. More significantly, it represents an 84% surge compared to the 219 transactions in January 2025, marking the highest monthly figure since January 2023. With a clearer outlook for the property market and the government's announcement in December 2025 of an additional batch of approval letters for White Form Secondary Market Scheme buyers, transactions in the secondary market are expected to return to positive growth in 2026.
Data confirms that Hong Kong banks recorded a total of 2,213 subsidized housing mortgage registrations in January 2026. This is a sharp increase of 420% compared to the 425 registrations in December 2025, and a 125% increase compared to the 980 registrations in January 2025. These figures reflect the current peak period for occupancy of large new HOS projects, including developments such as Long Tin Court in Yuen Long, Yu Hing Court in Tung Chung, and Wang Chi Court in Kowloon Bay.
The combined market share of the top four banks in January rose by 6 percentage points to 97.3%. In the rankings, BOC HONG KONG recorded 1,180 subsidized housing mortgage registrations. Its market share increased slightly by 0.6 percentage points to 53.3%, securing the top position for the 30th consecutive month. Hang Seng Bank recorded 526 registrations, with its market share rising by 9.2 percentage points to 23.8%, reclaiming the second position. HSBC recorded 384 registrations during the period, though its market share dipped slightly by 1.7 percentage points to 17.4%, causing it to drop to third place. Bank of East Asia recorded 62 registrations, with its market share decreasing slightly by 0.3 percentage points to 2.8%, maintaining the fourth position.