Many a mainlander received Lunar New Year wishes for the dream of home ownership to come true in the Year of the Horse, but the banks are providing a harsh dose of reality.Wednesday, 12 February, 2014, 4:33pm 1 comment
First-hand home sales were slack over the weekend as homebuyers adopted a "wait-and-see" stance after major banks in the city raised mortgage rates.
Some 90 new flats were sold on Saturday and Sunday, mainly at Hong Kong Ferry's Green Code project in Fanling, and The Reach in Yuen Long by Henderson Land and New World Development.18 Mar 2013 - 2:53am
Last week the Hong Kong government claimed a victory in its battle to halt the city's epic property bull market. Standard Chartered, Hang Seng Bank and HSBC raised mortgage rates for new home loans, triggering immediate drops in home prices.18 Mar 2013 - 2:34am
In a bid to crack down on speculation that has helped fuel a strong rally in prices since the second half of last year, the State Council has endorsed the People's Bank of China to raise down-payment requirements and mortgage rates for second-home buyers of properties in cities where prices have risen sharply.15 Mar 2013 - 5:48am
Shares of Hong Kong developers fell yesterday after three major banks raised mortgage rates by 25 basis points amid mounting risk in the property market.15 Mar 2013 - 4:37am
Home prices in Hong Kong may fall by 15 to 20 per cent in two years following the increase in mortgage lending rates, an investment bank predicts, but some developers and bankers believe the impact will be small.
Deutsche Bank, which forecast mortgage rates to rise a further 0.75 of a percentage point, said prices could drop by 20 per cent in the coming years.15 Mar 2013 - 5:21am
The decision by HSBC and Standard Chartered to raise mortgage lending rates by 0.25 percentage points should not come as a surprise. Other lenders are likely to follow their lead, as Hang Seng Bank did yesterday.15 Mar 2013 - 3:31am 1 comment
Wednesday's move by HSBC and Standard Chartered to raise the interest rates they charge on new mortgages was no surprise.
Bankers had warned an increase would be inevitable after the Hong Kong Monetary Authority last month ordered them to increase the amount of capital they hold against new residential mortgages to at least 15 per cent of the loans' value.15 Mar 2013 - 4:37am 5 comments
The latest increase in mortgage rates in more than a year may offer some small banks a rare opportunity to grab a greater market share if they continue to hold their rates for some time.15 Mar 2013 - 5:31am
From today, HSBC's best lending rate for new home loans will rise to 2.85 to 3.15 per cent, from 2.6 to 2.9 per cent. Standard Chartered has also raised rates from today.14 Mar 2013 - 7:47am
Centaline Property Agency said last night that some owners had immediately slashed their asking prices. A 922 sq ft flat in Taikoo Shing was on offer for HK$13 million, a reduction of 7 per cent. Other owners dropped their prices by up to 10 per cent.14 Mar 2013 - 2:13pm