Market Chatter: ICBC Asia to Boost Credit Lines for New World, Other Hong Kong Developers

MT Newswires Live03-17

Industrial and Commercial Bank of China (HKG:1398) subsidiary ICBC (Asia) plans to increase its home mortgages in Hong Kong in a bid to prop up the city's housing sector, the South China Morning Post reported Monday.

Despite sluggish sales and non-performing loans, the industry is looking to stabilize and strengthen itself with the help of government and developer-driven initiatives, the report said, citing ICBC Asia Corporate Banking Head Wang Zhiyong.

Developers such as debt-laden New World Development (HKG:0017) are sailing through the challenges "relatively well," the report said, citing Wang.

"The loan quality is stable, and our willingness to lend is more about stabilizing the existing quota," the SCMP quoted Wang as saying.

Wang's remarks came before a media report saying mainland Chinese regulators asked China's four biggest banks ICBC, China Construction Bank (HKG:0939, SHA:601939), Agricultural Bank of China (HKG:1288, SHA:601288), and Bank of China (HKG:3988, SHA:601988) to maintain their credit lines for New World Development, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0634319403.HKD","symbol_name":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2520541131","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2520541131","pubTimestamp":1742210313,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. 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This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"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":"4.32.1","shortVersion":"4.32.1","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/2520541131"}