Hong Kong banks unveil relief measures for mortgage borrowers hit by coronavirus

) have said mortgage customers may apply to pay only interest, and not principal, for up to six months, subject to an extension of another six months.

Months of sometimes violent anti-government protests in Hong Kong last year plunged its economy into its first recession in a decade. Analysts predict a worse start to 2020 for the financial hub as travel curbs to fight the spread of the virus deal a further blow to tourism, retail and other business.

The impact on Hong Kong’s economy from the new epidemic could be worse than in 2003 when it was hit by another coronavirus, the Severe Acute Respiratory Syndrome , its financial secretary has warned, with unemployment set to rise. Against this backdrop, more banks are expected to follow suit with easing measures for mortgage borrowers to prevent 2003-like foreclosures, mReferral Mortgage Brokerage Services Senior Vice President Eric Tso said.

That’s to save HK’s property market. Else there will be a domino effects of collapsing property prices and share markets that China’s leaders families cannot afford.

US Housing Market Strong in Trump Years - Reuters

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