Property 

Hong Kong’s home buyers return in droves as banks kept mortgage rates unchanged amid a dovish monetary policy

Hong Kong’s property buyers are back in droves, as commercial banks kept the city’s mortgage rates unchanged amid a dovish policy stance by the local monetary authority.Across the city, four property projects with 891 flats in total were offered for sale in Lohas Park, To Kwa Wan, Yau Tong and West Kowloon in the biggest weekend launch in a year. As of 4:30pm, 447 of the total offering, or just over 50 per cent, had been sold, according to sales agents.“The purchasing power accumulated from… Source link

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Vietnam 

Total assets of banks in Việt Nam hit more than $472 billion – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Assets of State-owned banks, including Vietcombank, rose by only 6.42 per cent to VNĐ4.86 quadrillion last year. – Photo VCB Viet Nam News HÀ NỘI — Total assets of credit institutions and foreign banks in Việt Nam by the end of last year surged by 10.62 per cent against the beginning of the year to more than VNĐ11 quadrillion (US$472.1 billion). The latest data released this week by the State Bank of Việt Nam showed despite still maintaining the largest proportion with 44 per cent of the entire…

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Vietnam 

Banks struggle to lure long-term capital – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI – Banks have to mobilise long-term capital at high costs by issuing certificates of deposit (CD) in Vietnamese đồng with high interest rates to lure depositors, causing concerns about a domino effect on lending rates. At Southeast Asia Bank (SeABank), when customers apply for a 24-month CD valued at a minimum of VNĐ100 million (US$4,290), they can enjoy a fixed interest rate of 8.4 per cent per year, while a 36-month CD can bring them a fixed interest rate of 8.6 per cent. State-owned Bank…

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Vietnam 

Banks speed recruitment to meet expansion plans – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI — Many banks have recently announced they will recruit a large number of personnel to meet their business expansion plans in 2019. Sài Gòn Thương Tín Joint Stock Commercial Bank (Sacombank) announced its plan to recruit 800 new staff for transaction offices and branches nationwide. The positions to be filled are for individual and corporate customer relationship managers, consultants and tellers, including 100 employees for four branches in the provinces of Thái Bình, Ninh Bình, Nam Định and Lào Cai. Leaders of…

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Home 

Hong Kong securities regulator fines top investment banks US$100 million for failures as IPO sponsors

Hong Kong’s securities watchdog slapped a record fine of HK$786.7 million (US$100.2 million) on investment banks UBS, Morgan Stanley, Merrill Lynch and Standard Charted for failing in their duties as IPO sponsors.Swiss lender UBS bore the brunt of the fine. Its two units UBS AG and UBS Securities Hong Kong were ordered to pay HK$375 million for failing to conduct proper due diligence on the quality of the listing candidates in their role as one of the joint sponsors in three initial public… Source link

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Beijing orders banks to relax bad debt ratio for loans made to small companies

China’s top banking regulator has ordered commercial banks to relax their tolerance over non-performing loans (NPLs) owed by small companies, reflecting the latest move by Beijing to support private companies amid the deepening economic slow down.Commercial banks can loosen the NPL ratio tolerance for “inclusive small companies” by 3 percentage points, according to a guideline published by the China Banking and Insurance Regulatory Commission (CBIRC) on its official website on Wednesday.The… Source link

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China’s institutions and banks need help from the world’s civil society to ensure the Belt and Road Initiative remains green

Activists of 12 countries conducted rallies in London, Hong Kong and Nairobi last week to protest financing by Bank of China to build the Batang Toru Dam in Indonesia’s North Sumatra, due to its catastrophic impact on communities and biodiversity.If built, scientists say that the dam will doom the Tapanuli orangutan, which was only discovered in 2017, almost to certain extinction. It would also impoverish downstream communities who rely on the natural flow of the river for their livelihood.With… Source link

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China 

Shenzhen banks become first in China’s megacities to ease mortgage rates – others may follow suit, say analysts

Mortgage rates in Shenzhen have begun to creep down, in a sign that the strict property controls holding house prices in check in mainland China’s biggest cities may be starting to loosen.Some of the southern city’s banks have tentatively lowered their borrowing costs for homeowners in the last few days, making Shenzhen the first of China’s so-called tier-1 cities to bring down the prohibitively expensive rates.Analysts said lenders in other megacities may follow suit.The average mortgage rate… Source link

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Beijing demands 30 per cent increase in banks’ lending to small companies in bid to boost flagging economy

The Chinese government has set a mandatory target for the country’s commercial banks to increase lending to small companies by 30 per cent, as Beijing pushes to bolster opportunities for private firms to stimulate an economy that is slowing amid a trade war with the United States.Beijing will “make solid efforts” to solve the funding difficulties facing many companies, Chinese Premier Li Keqiang said on Tuesday during his 2019 government work report. State-owned large banks must boost their… Source link

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Vietnam 

Banks promise loans to struggling rice exporters – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HCM CITY — The State Bank of Việt Nam (SBV) has urged credit institutions to ensure adequate funds to meet the capital demands of rice exporters for the winter-spring crop this year. Since the Lunar New Year (Tết) holiday, the rice export market has seen prices dropping due to oversupply. The SBV directed commercial banks to focus on timely lending to enterprises so they can buy rice from farmers.  At a meeting held late last week in Đồng Tháp Province, commercial banks, including…

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