Mr. Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (HKMA), and the CEOs of three HKAB chairman banks discussed SME lending and property mortgage issues. Mr. Yue highlighted ongoing support for SMEs, including measures introduced in March 2024, such as avoiding early repayment demands and maintaining credit limits despite collateral value changes. Approximately 14,000 SMEs benefited from these measures, amounting to over HK$31 billion in aggregate credit limits. A new joint Taskforce on SME Lending will be formed to address individual cases, identify common issues, and enhance communication between the HKMA, banks, and the commercial sector. The Taskforce will also focus on improving transparency and efficiency in residential mortgage lending processes.
Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/08/20240823-3/