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HKMA Eddie Yue: Follow-up Mortgage Plan for Wang Fuk Court Depends on Insurance/ Resettlement Arrangements
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The local banking industry has swiftly launched two rounds of support measures for the No. 5-alarm fire at Wang Fuk Court in Tai Po, remarked Eddie Yue, Chief Executive at Hong Kong Monetary Authority (HKMA). The authorities have maintained close contact with the industry and will update the measures when necessary. The banking sector has provided a pre-approved six-month principal and interest repayment grace period for the affected residents' mortgages. Subsequent mortgage arrangements will depend on insurance, resettlement arrangements, and legal procedures before announcing the plan. Earlier, the HKMA had disclosed that there are approximately 300 residential mortgages at Wang Fuk Court, with an outstanding loan amount of about HKD540 million. AASTOCKS Financial News Website: www.aastocks.com |
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