Hong Kong’s monetary authority eases commercial property mortgage rules for the first time since 2009 as market cracks under recession

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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