Amex Bank to offer mortgages

American Express Bank plans by mid-year to join the long list of international banks which are offering home mortgage loans in the territory, according to a senior bank official.

Ted Ling, senior director and head of Hong Kong consumer financial services, said the bank was studying what was being offered by other institutions in the territory before coming out with its own mortgage products.

'We haven't actually got down to market specific products,' Mr Ling said.

He said the Hong Kong property market was changing so quickly that it was necessary to study how these changes affected the market.

The Hong Kong Monetary Authority's recommendation that banks restrict mortgage lending for luxury properties was a good case in point, he said.

The recent boom in prices at the luxury end of the market would have to be looked at as well, he said.