Hong Kong’s monetary authority eases commercial property mortgage rules for the first time since 2009 as market cracks under recession
Yahoo - Malaysia·2020-08-19 19:36
The Hong Kong Monetary Authority will ease financing rules for the first time in more than a decade to make it easier to afford non-home real estate, helping to ease a property glut amid the city‘s worst recession on record and a coronavirus pandemic.
The de facto central bank will allow banks to increase their lending for such non-residential properties by lifting the so-called loan-to-value ratio to 50 per cent from 40 per cent from August 20, it said in a statement on Wednesday. It will be the first time the HKMA is rolling back its industry-tightening measures introduced during the previous bout of price speculation from 2009 to 2017.
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