Four of Hong Kong’s Top Banks Halt Some Evergrande Mortgages

Bloomberg2021-07-22

HSBC Holdings Plc, Bank of China Ltd.’s Hong Kong unit and at least two other major lenders stopped providing mortgages to buyers ofChina Evergrande Group’s unfinished residential properties in Hong ...

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Comments

Jlhyz
2021-07-22
Jlhyz
Like and comment please
PengsieX
2021-07-22
PengsieX
Worry for the home buyers
- NoobZai:
  dead
shauunn
2021-07-22
shauunn
Pls like
imsomeonelse
2021-07-22
imsomeonelse
Hmm Chinese stock risk again
- JZ8:
  yes
xnicx
2021-07-22
xnicx
Pls like. Tq
- imsomeonelse:
  Ok
- 白虎王:
  Liked
dent
2021-07-22
dent
Hi
- Swifty:
  Hello
- xnicx:
  Hi

Leave a comment

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It’s sticking with plans for its Hong Kong projects, and is confident on delivering Emerald Bay II in August as scheduled. The developer said it will consider allowing buyers to delay transactions by 60 days if they’re affected.\nBEA declined to comment and representatives for the three other banks didn’t immediately comment.\nIndustrial and Commercial Bank of China (Asia) also halted providing mortgages to Evergrande’s unfinished flats, South China Morning Postreported, without citing anyone.\nThe unusual move by four of Hong Kong’s biggest mortgage lenders to act in unison underscores how dramatically perceptions of Evergrande have deteriorated in recent weeks. Shares of the world’s most indebted developer have tumbled 28% just this month and several of its dollar bonds have plunged to record lows. The company’s 2025 dollar note sank by about 6 cents on Wednesday to 49 cents on the dollar, suggesting investors are bracing for a potential default.\n\nA major payment failure by Evergrande would likely have severe repercussions for China’s financial system, eroding confidence in other highly leveraged property companies, shadow lenders and potentially even some banks. Officials from China’s top financial regulator told Evergrande founder Hui Ka Yan at the end of June that he shouldsolvehis company’s debt problems as quickly as possible, emphasizing the need to avoid major economic shocks, people familiar with the matter said earlier this month.\nThe mortgage halt “could be a fresh sign banks are protecting themselves as they’re increasingly worried about Evergrande,” Bloomberg Intelligence analysts Daniel Fan and William Hau wrote in a note on Wednesday. The development may push Evergrande toward more “radical action,” such as selling a stake in itself to a state-owned Chinese company or pursuing more wide-ranging asset sales, the analysts wrote.\nEvergrande has two projects in Hong Kong that are still under construction. The Vertex in Cheung Sha Wan area, which has more than half of the 414 units sold, is slated to finish by the end of October. Emerald Bay II is due to finish at the end of next month and has sold 97% of its homes, according to mReferral Corporation (HK) Ltd., a mortgage referral company.\nHSBC, Bank of China’s Hong Kong unit and Hang Seng are the biggest mortgage lenders for unfinished residential projects in Hong Kong, with HSBC providing 25% of the loans in the market in June, according to mReferral. Bank of East Asia ranked 7th.\nDoubts about Evergrande’s finances have intensified amid a drumbeat of news about wary lenders and missed payments to suppliers. Bloomberg reported last month that several large Chinese banks havereducedtheir lending to Evergrande, though others were allowing the company to roll over portions of credit lines it has already tapped.\nThe developer, which reported more than $300 billion of total liabilities at the end of 2020, has repeatedly said its relationships with creditors are normal and has made all of its payments to bondholders on time.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":172005295,"gmtCreate":1626918975017,"gmtModify":1703480561978,"author":{"id":"3578092998513325","authorId":"3578092998513325","name":"Jlhyz","avatar":"https://static.tigerbbs.com/8a05d401ae56ca5fc2b7c0a097a1e24b","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3578092998513325","idStr":"3578092998513325"},"htmlText":"Like and comment 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like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/176793224","repostId":1126844627,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":176708846,"gmtCreate":1626914464585,"gmtModify":1703480414688,"author":{"id":"3572697049328629","authorId":"3572697049328629","name":"imsomeonelse","avatar":"https://community-static.tradeup.com/news/9294e9e7f11f190688efe808098fa12b","vip":1,"crmLevel":8,"crmLevelSwitch":0,"authorIdStr":"3572697049328629","idStr":"3572697049328629"},"htmlText":"Hmm Chinese stock risk again","listText":"Hmm Chinese stock risk again","text":"Hmm Chinese stock risk again","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/176708846","repostId":1126844627,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5288552,"gmtCreate":1626914530832,"gmtModify":1663231292336,"authorId":3577615574373101,"author":{"id":3577615574373101,"idStr":"3577615574373101","authorId":3577615574373101,"name":"JZ8","avatar":"https://static.tigerbbs.com/04dae5b4766e8a487aa32e7285435c4c","vip":1,"currentWearingBadge":{"badgeId":"44212b71d0be4ec88898348dbe882e03-3","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"President Tiger","description":"The transaction amount of the securities account reaches 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like. Tq","listText":"Pls like. Tq","text":"Pls like. Tq","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/176474785","repostId":1126844627,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5288539,"gmtCreate":1626914476544,"gmtModify":1635224152819,"authorId":3572697049328629,"author":{"id":3572697049328629,"idStr":"3572697049328629","authorId":3572697049328629,"name":"imsomeonelse","avatar":"https://community-static.tradeup.com/news/9294e9e7f11f190688efe808098fa12b","vip":1,"crmLevel":8,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":176474785,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"},{"id":5288800,"gmtCreate":1626915684090,"gmtModify":1635224129079,"authorId":3577230121533205,"author":{"id":3577230121533205,"idStr":"3577230121533205","authorId":3577230121533205,"name":"白虎王","avatar":"https://static.tigerbbs.com/70bb4585941bc728d71173da46fc5640","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":176474785,"type":1,"supId":0,"prevId":0,"content":"Liked","text":"Liked","html":"Liked"}],"langContent":"EN"},{"id":176474302,"gmtCreate":1626914238206,"gmtModify":1703480406083,"author":{"id":"3574392084255465","authorId":"3574392084255465","name":"dent","avatar":"https://static.tigerbbs.com/e54b2a08f8905d05e3d00b78582bf531","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3574392084255465","idStr":"3574392084255465"},"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/176474302","repostId":1126844627,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5289128,"gmtCreate":1626917272326,"gmtModify":1663231298853,"authorId":3573686260747225,"author":{"id":3573686260747225,"idStr":"3573686260747225","authorId":3573686260747225,"name":"Swifty","avatar":"https://static.tigerbbs.com/25bc2f32857ae0c620f1d9eee6447454","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":176474302,"type":1,"supId":0,"prevId":0,"content":"Hello","text":"Hello","html":"Hello"},{"id":5288483,"gmtCreate":1626914268394,"gmtModify":1663231296237,"authorId":3570854254904038,"author":{"id":3570854254904038,"idStr":"3570854254904038","authorId":3570854254904038,"name":"xnicx","avatar":"https://static.tigerbbs.com/2b4f8b6a208de92c4d6b4c87e044514c","vip":1,"crmLevel":2,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":176474302,"type":1,"supId":0,"prevId":0,"content":"<u>Hi</u>","text":"<u>Hi</u>","html":"<u>Hi</u>"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":140,"commentSize":11,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.4","shortVersion":"4.29.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1126844627"}