Hong Kong’s monetary authority eases mortgage lending restrictions to jump-start market

Quick Summary:

HKMA allows buyers to borrow up to 70% of a property’s value, with the aim of reviving the market where prices have declined by 6.2% in the year’s first eight months.

The revision also meant that mortgage policies have been rolled back to what they were before 2009.“Even with these adjustments announced today, the Hong Kong banking sector has ample buffers to cope with any challenges from a sharp correction in property prices,” Yue said in the statement.

Chief Executive John Lee Ka-chiu earlier announced the initiative in his policy address.

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Article Details

Author / Journalist: Cheryl Arcibal

Category: Business

Markets: Hong Kong

Topics: Cent Hong Market Kong Mortgage Value Property Prices Policy Financing Hkma

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-16 @ 19:07:22 (3 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 244 words

Reading Time: 2 minutes read

Sentences: 10 lines

Sentence Length: 25 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 23086726

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