In the second phase which began in October 1999, the HKMC securitises the mortgages into mortgage backed securities (MBS) and offers them for sale to investors.

• 在第二阶段，按揭证券公司把按揭贷款证券化，然后再把按揭证券售予投资者，这个阶段已于一九九九年十月展开。