Hong Kong-based property investment company Gale Well is about to sell properties worth HK$3 billion amid banks' worries about the real estate market, the South China Morning Post reported Monday, citing Founder Jacinto Tong Man-Leung.
Investors have been forced to sell some of their properties at prices lower than that of the market as "many banks have looked down on the property market and kept on calling investors' loans," the SCMP quoted Tong as saying.
Banks have also been adjusting mortgages to narrow loan ratios, the report said, citing Tong.
More property owners in the city have seen difficulty paying their debts as rental incomes and valuations have been declining, the report said, citing CBRE Executive Director and Head of Capital Markets Reeves Yan.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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