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Here’s what Hongkongers need to know about cash rebates on mortgage transfers

HSBC’s abrupt and drastic cut in cash rebate on mortgage refinancing from 2.1 per cent to 1.5 per cent last month startled the mortgage industry. Assuming an average loan size of HK$4 million (US$511,000), the borrower would now get HK$24,000 less cash rebate for refinancing at HSBC. Refinancing has grown by leaps and bounds in recent years. According to data from the Hong Kong Monetary Authority, refinancing accounted for nearly 30 per cent of total mortgages approved in May. Over the past… Source link

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China 

China’s central bank is pushing commercial lenders to hold mortgage rates steady to curb the growth of home loans

The People’s Bank of China has asked commercial lenders not to lower the interest rate of home mortgages from the current level in order to curb the growth of home loans, according to people familiar with the matter.The PBOC offered verbal guidance to state-owned banks, joint stock banks and other commercial lenders, the people said, asking not to be identified as they’re not authorised to speak publicly. Banks received the guidance early this month, according to two of the people.The move… Source link

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Tightened mortgage lending has pushed Hongkongers into arms of cash-rich developers and their expensive property loans

Mortgage loans for new homes provided by banks inched up 1.5 per cent in 2018, but the proportion of loans offered by non-banking financial companies, mainly developers’ finance companies, jumped to 21.7 per cent of the total, up from 14.6 per cent in 2017. Photo: Felix Wong Source link

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China 

New home prices rise in almost all Chinese cities as lower mortgage rates, lighter restrictions spur demand

New home prices rose in almost all of the 70 Chinese cities monitored by the government in April, as upbeat sentiment extended its reach.The average cost of a new house increased by 0.62 per cent, about the same as the rise in March and higher than the 0.53 per cent gain in February, according to a Bloomberg calculations based on National Bureau of Statistics data released on Thursday morning.Prices climbed in 67 out of the 70 cities tracked by the bureau, a jump from 65 and 57 cities in March……

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Vietnam 

Mortgage requirements stand between small companies and bank loans – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    Small enterprises complain at a conference in HCM City on Thursday that it is difficult for them to get bank loans because of stiff mortgage conditions. VNA/VNS Photo HCM CITY –Small- and medium-sized enterprises are unable to borrow from banks because they do not have property to mortgage, Trần Việt Anh, deputy chairman of the HCM City Business Association, has said. He was speaking at a conference held to bring together enterprises and banks in HCM City on Thursday, where many small enterprises in the city complained about…

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Hong Kong changes reverse mortgage rules, paving way for pensioners to settle in ‘Greater Bay Area’

The Hong Kong Mortgage Corporation has introduced a rule allowing pensioners to lease property against which they have taken out reverse mortgage loans, a move that could potentially make it easier for them to move to the “Greater Bay Area”, where the cost of living is more affordable.The new rule, introduced last month, will allow 3,200 pensioners who have reverse mortgage arrangements to lease out their homes as long as they declare they are retired, Raymond Li Ling-cheung, the corporation’s… Source link

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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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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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Sino Land rolls out homebuyer incentives package, including low mortgage lending rates, for Grand Central project

Hong Kong property developers are beginning to roll out incentives to help shield homebuyers from the latest borrowing costs, after the Hong Kong Monetary Authority nudged up the base lending rate by a quarter-point on Thursday, matching the December rate decision by the US central bank on Wednesday. Sino Land became among the first to unveil a package of buyer incentives on Thursday afternoon, including a mortgage rate from as low as 2.375 per cent in conjunction with Bank of East Asia, in addition to a cash rebate and HK$4,000…

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Property 

Time to relax mortgage regulations, say Canada home builders

Canada’s home builders are urging the federal government to loosen mortgage-lending restrictions that have helped cool housing markets this year. Executives at Mattamy Homes, North America’s largest closely held home builder, said the rules have brought about the desired soft landing and are not needed as much now that interest rates are rising. The Canadian Home Builders’ Association said the rules are hitting millennials and struggling markets like Calgary particularly hard. Desperate Chinese middle class take big risks to move money, and themselves, overseas The rules, put in place in…

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