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Home Banking Laws

Evergrande’s Hong Kong Buyers Panic as Firm Halts Risky Lending

by Matthew Upton
May 20, 2022
in Banking Laws
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Evergrande’s Hong Kong Buyers Panic as Firm Halts Risky Lending
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May 19, 2022, 9:00 PM

  • Buyers of Evergrande struggle to replace developer’s financing
  • HK developers would provide mortgage to buyers to boost sales

Florence Mok, a new mother, thought she wouldn’t be able to get a mortgage for her HK$9 million ($1.1 million) dream apartment. When her family signed the papers, China Evergrande Group sales staff said not to worry. The developer’s financing arm offered them 90% leverage, no bank stress-test needed.

Now Mok’s suffering from the fallout of Evergrande’s debt crisis. With the cash-strapped company no longer willing to provide financing, her family can’t find a bank for a mortgage. They might lose the down payment and apartment.

Florence Mok, front second left, and other buyers of the Vertex hold protests signs on May 14.

Photographer: Bertha Wang/Bloomberg

The Moks are among 80 families who have protested and appealed to authorities …

Shawna Kwan

Shawna Kwan

Bloomberg News

© 2022 The Bureau of National Affairs, Inc.

All Rights Reserved

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