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Private Lenders Reportedly Targeting Funding Gap of HK Developers, but Actual Deals Limited
As Hong Kong's property market stretches its downtrend, private lenders are eyeing the sector to vie for business opportunities as a record US$23.4 billion of loans from Hong K...
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Private Lenders Reportedly Targeting Funding Gap of HK Developers, but Actual Deals Limited
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As Hong Kong's property market stretches its downtrend, private lenders are eyeing the sector to vie for business opportunities as a record US$23.4 billion of loans from Hong Kong's developers will expire next year, according to Bloomberg.

The potential funding gap is reportedly wooing family offices, private equity and asset management firms. Jasmine Chiu, a real estate lawyer at Mayer Brown, was quoted as saying that some family offices and asset managers are developing a new business line, namely granting private credit. They are all looking to expand their private credit portfolios.

Related NewsM Stanley: PBOC 5-yr LPR Logs Biggest One-time Cut Ever, Well Ahead of Consensus, Likely to Stabilize Stock Mkt & Back Home Sales
Many real estate developers have business exposures in both Hong Kong and Mainland China, and Hong Kong has felt the repercussion of the collapsing property sector in the Mainland. AGILE GROUP (03383.HK)  +0.020 (+2.597%)    Short selling $47.40K; Ratio 0.310%   borrowed up to HK$894 million at 20% p.a., whereas Flow Capital (HK) granted a HK$900 million loan to a subsidiary of COUNTRY GARDEN (02007.HK)  0.000 (0.000%)    Short selling $3.38M; Ratio 2.954%   earlier this year.

In addition, OIWAHPAWN (01319.HK)  -0.001 (-0.417%)   and PACM Group announced in June that they would form an investment fund of up to US$300 million to focus on private credit for real estate, which was expected to commence operations by the end of July. The fund aims to generate an annual return of about 12-15%.

However, news broke that the private credit business in Hong Kong is still in its initial stage, with more enquiries but less implementation. Some lenders are worried that returns will fall short of their targets because many property assets are still resilient and have not been re-priced, report quoted people familiar with the matter.

Related NewsHSBC Global Research Ratings, TPs on CN Developers (Table)
The market condition may change abruptly since banks need to revalue mortgaged properties in the first quarter of next year to announce their annual results.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-02-23 16:25.)

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