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Bond Market News
Top HK Banks Halt Mortgages to Buyers of Evergrande’s Properties
July 22, 2021
In the latest setback for Evergrande, top banks in Hong Kong such as HSBC, ICBC, StanChart and BOC’s HK unit are reported to have stopped providing mortgages to buyers of Evergrande’s unfinished residential properties in HK. As per sources, Hang Seng Bank, Bank of East Asia and HSBC also suspended new mortgages for Evergrande’s two projects under construction in Hong Kong after re-evaluating the risks of such loans. Bloomberg Intelligence’s Daniel Fan said that the mortgage halt “could be a fresh sign banks are protecting themselves as they’re increasingly worried about Evergrande.”
Evergrande’s bonds took another beating and are now trading in the 50s. Its 9.5% 2024s are down 5.8 points to 51.2 and its 7.5% 2023s are down 5.7 points to 53.5 cents on the dollar.
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