Hong Kong Largest Developer Offering 120% Mortgages
Sun Hung Kai Properties Ltd, Hong Kong’s largest developer by market value is offering mortgages as much as 120% of a home value at one of its projects as sales have dropped in the city. The catch is that buyers must already own another property pledged as security.
“Sun Hung Kai Properties Ltd, Hong Kong’s largest developer by market value is offering mortgages as much as 120% of a home value.”
This financing scheme is aimed at attracting buyers in a property market that has seen correction of more than 13% since prices peaked in September. This is also a way for them to go around government measures that restrict bank mortgages on properties costing less than HK$10 million to 60% of the value.
About Sai Hung Kai
The Group is one of Hong Kong’s largest landowners with a land bank of 52.2 million square feet (attributable gross floor area) as at the end of December 2015, including:
- 23.4 million square feet under development
- 28.8 million square feet of completed investment properties
- Over 30 million square feet of agricultural land (site area) in the New Territories, primarily along rail lines.
- The majority of this is in various stages of land use conversion
- This well-diversified investment property portfolio generated gross rental income of HK$12,609 million in the 2010/11 financial year.
Visit: Sai Hung Kai
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