Hong Kong realtors unveil ‘zero down payment’ home lending scheme

Source : SCMP, Jan 11 2017

Author : Sandy Li

 

Hong Kong’s two largest property agencies, Midland Realty and Centaline Property Agency, are offering “zero down payment” schemes to existing home owners in a bid to drum up sales, a move that challenges the Hong Kong Monetary Authority tightening mortgage policy, which is intended to temper soaring property prices.

mReferral Mortgage Brokerage Services, a unit of Hong Kong-listed Midland Holdings, will lend up to 130 per cent of the value of a flat, up to a maximum of HK$20 million, through financial institutions from Tuesday.

“It should be a breakthrough in Hong Kong’s mortgage lending industry,” said Sharmaine Lau Yuen-yuen, mReferral’s chief economic analyst. “We are in talks with different developers to offer this scheme for their new projects.”

Read more: http://www.scmp.com/property/article/2060974/hong-kong-realtors-unveil-zero-down-payment-home-lending-scheme

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