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HANG SENG BANK Said to Seek to Sell US$1B Property Loan Portfolio
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HANG SENG BANK (00011.HK) is seeking to sell a property-backed mortgage loan portfolio worth at least US$1 billion to clear bad debts accumulated during the downturn in Hong Kong's commercial real estate market, Bloomberg quoted sources as saying. The mortgage loan portfolio reportedly includes assets from EMPEROR INT'L (00163.HK) and Tai Hung Fai Enterprise. The transaction is still in its preliminary stages, and details may be subject to change. The sale of the loan portfolio by HANG SENG BANK may indicate that Hong Kong banks will adopt more proactive measures. As of June, HANG SENG BANK's impairment on Hong Kong commercial real estate had increased to $25 billion, up 85% YoY. A HANG SENG BANK representative declined to comment on market rumors. AASTOCKS Financial News Website: www.aastocks.com |
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