Some Hong Kong banks refuse mortgages for China Vanke’s Le Mont project in Tai Po
Several Hong Kong banks are reportedly not extending mortgages for China Vanke's Le Mont project in Tai Po, adding to the developer's financial woes. Standard Chartered and Chong Hing Bank are among those declining mortgage requests from potential homebuyers for the project, according to property agents. This decision presents a significant setback for Vanke, which is already grappling with a liquidity crisis and substantial debt maturities.
Chong Hing Bank stated that it assesses mortgage applications based on property value, quality, and the applicant's repayment ability, but did not directly address the Le Mont situation. Standard Chartered declined to comment. This reluctance from banks comes as Vanke faces nearly US$5 billion in debt maturities this year, compounded by a prolonged property downturn in mainland China and an anticipated record net loss of 45 billion yuan (US$6.2 billion) for 2024.
via SCMP Full Text Feed
Several Hong Kong banks are reportedly not extending mortgages for China Vanke's Le Mont project in Tai Po, adding to the developer's financial woes. Standard Chartered and Chong Hing Bank are among those declining mortgage requests from potential homebuyers for the project, according to property agents. This decision presents a significant setback for Vanke, which is already grappling with a liquidity crisis and substantial debt maturities.
Chong Hing Bank stated that it assesses mortgage applications based on property value, quality, and the applicant's repayment ability, but did not directly address the Le Mont situation. Standard Chartered declined to comment. This reluctance from banks comes as Vanke faces nearly US$5 billion in debt maturities this year, compounded by a prolonged property downturn in mainland China and an anticipated record net loss of 45 billion yuan (US$6.2 billion) for 2024.
via SCMP Full Text Feed
