Hong Kong’s property distress catching up with city’s banks

Quick Summary:

Prices of office buildings, shopping malls and other properties have fallen more than 40 per cent from their highs in 2018.

A company owned by Chiyu Banking Corp., a Hong Kong lender, earlier this month took over a commercial building in the city’s Sheung Wan district at a market valuation of HK$1.298 billion, according to a land registry record and a person familiar with the matter.

The vast majority of the commercial real estate debt is performing, but the risks are elevated, analysts Francis Chan and Patrick Wong said in the report.“Declining collateral values might pressure the banks to take charges on more loans in 2025,” they wrote.

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Article Details

Category: EconomyBusiness

Markets: SingaporeChinaHong Kong

Topics: Property Banks Real Estate Billion Kong Hong Cent Loans Commercial Bank

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-01-27 @ 09:31:00 (15 hours ago)

News Timezone: GMT +8:00

News Source URL: straitstimes.com

Language: English

Article Length: 1203 words

Reading Time: 7 minutes read

Sentences: 39 lines

Sentence Length: 31 words per sentence (average)

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Copyright Owner: © The Straits Times

News ID: 25476356

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