ICBC Supports Hong Kong Developers

This is a Hong Kong news story, published by Yahoo Finance, that relates primarily to New World Development news.

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Hong Kong homebuyers

South China Morning Post

•

World

ICBC (Asia) backs Hong Kong developers with stable loan support amid sector's challenges

Summary

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87% Informative

ICBC ( Asia ) sees no undue risk in lending to Hong Kong's large property developers and will also continue to write home mortgages to support the sector's recovery.

The Hong Kong subsidiary of mainland China 's largest bank counts "leading" developers, including beleaguered New World Development ( NWD ), as its clients.

The bank welcomes discussions with developers to reduce debt or borrowing costs.

"We have our unique advantages based in Hong Kong , an international financial centre," Wang said.

"We provide loans to customers in a wide variety of currencies. Hong Kong has no foreign exchange controls. It is a completely free-trade port," he said.

The SCMP is the most authoritative voice reporting on China and Asia for more than a century .

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formal

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English

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