A property buyer, Wong Hin-ning, pleaded guilty to two counts of fraud after concealing from China CITIC Bank International Limited that a residential property she purchased for $9.98 million was leased out, not owner-occupied as declared in her mortgage application. This misrepresentation allowed her to secure a mortgage loan of over $8 million at an 80% loan-to-value ratio. Between 2020 and 2022, Wong rented the property to tenants while falsely affirming to the bank that she and her son occupied it. The case was adjourned for sentencing, with Wong granted bail, as further investigations revealed that the bank would have acted differently had it known the property was leased.
Resources: https://www.icac.org.hk/en/p/press/index_id_1984.html
