Some Hong Kong banks refuse mortgages for China Vanke’s Le Mont project in Tai Po

Standard Chartered and Chong Hing Bank are not accepting mortgage requests from potential homebuyers at the Le Mont residential project in Tai Po, according to property agents. While Standard Chartered declined to comment, Chong Hing Bank stated that they evaluate mortgage loan applications based on the property’s value, quality, and the applicant’s repayment ability. This decision by the banks is a setback for China Vanke, the developer of the project, as they face significant debt maturities this year and are expected to post a record net loss for 2024 amidst a prolonged property downturn in China.

Full Article