Property News · May 22, 2019

Tightened mortgage lending has pushed Hongkongers into arms of cash-rich developers and their expensive property loans


Squeezed out of owning an old home in the city by tightened mortgage rules, Hongkongers are increasingly buying smaller but more expensive new apartments. Unable to apply for an adequate mortgage from banks, they are turning to developers, who provide loans amounting to as much as 90 per cent of a property’s value, no matter what the cost.Penny Li, 35, a finance professional, ended up buying a smaller and more expensive new apartment as she could not get a mortgage for an old home in a better…

Source : South China Morning Post
Read more…Tightened mortgage lending has pushed Hongkongers into arms of cash-rich developers and their expensive property loans

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