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 求助：这两天大家讨论上海楼市的情况，我觉得可以借鉴香港楼市的经验，有谁能给大家讲将香港炒楼的情况？ |
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求助：这两天大家讨论上海楼市的情况，我觉得可以借鉴香港楼市的经验，有谁能给大家讲将香港炒楼的情况？ -- 安普若 - (118 Byte) 2005-1-11 周二, 04:25 (2244 reads) |
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作者：游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
市场好转, 利息低, 新一轮高负债买楼开始了.
Wednesday, August 4, 2004
Favourable mortgage plans open doors for new buyers
HENDRICK LEUNG
In view of Hong Kong's weak economy in recent years, buying a flat is not as easy as it once was, and most young people find it difficult to save sufficient cash for the 10 per cent down payment.
The situation has been made worse by the government's move to cancel its home purchase loan subsidy schemes.
As a result, first-time homebuyers are opting for 95 per cent mortgage lending out of financial need, as it reduces their initial payout and lowers the entry barrier.
Some developers offer a second mortgage loan of up to 25 per cent of the property price.
But second mortgages usually come with higher interest rates - at prime rate (at present 5 per cent) to 2.5 per cent above prime - in order to cover lending risks.
The recent Pan Asian Mortgage Company and Wing Hang Bank alliance resulted in the launch of the 95 per cent mortgage loan programme, comprising a 25 per cent second and a 70 per cent first mortgage loan, at 2.75 per cent below prime.
The programme covers mortgage loans for both new and secondary properties, with 4.5 per cent of the total loan amount being incurred as a handling fee for covering the lending risk of the second mortgage offered by Pan Asia.
In some cases, this fee may be as low as 3 per cent.
Responding to market needs, the Hong Kong Mortgage Corporation (HKMC) last week launched its 95 per cent mortgage insurance plan, offering end customers in both property markets more choice.
Twenty-eight banks now offer 95 per cent mortgage loans. Their loan loss risks are limited to a loan-to-valuation ratio (LTV) of 70 per cent, whereas insurance companies will indemnify the risks beyond that.
Depending on different loan tenors, floating rate mortgage loans with a LTV of 90 per cent to 95 per cent would adhere to a single premium payment of between 2.48 per cent to 3.98 per cent of the total loan amount.
With keen competition among bankers, mortgage rates are about 2.7 per cent below prime.
Such favourable terms and interest rates will inevitably lead to the HKMC's new programme dominating the market's 95 per cent mortgages, and end users will benefit too.
Experience of the existing 90 per cent mortgage insurance plan tells us that most borrowers would like to have both a mortgage loan and the insurance premium offered by bankers. Including a premium of 3.38 per cent (applicable for a 20-year tenor with a floating mortgage rate), actual LTV for the new 95 per cent mortgage loan will be more than 98 per cent.
A negative equity scenario could easily occur if property prices were to drop by 2 per cent.
The HKMC and participating bankers and insurance companies must be very positive about the current state of the property market - believing that it is unlikely to decline in the near future - otherwise they would not have been so quick to launch the 95 per cent MIP.
But despite such confidence, potential homebuyers are advised to base their purchasing decisions on their own needs (be it for investment or for self use) and financial situations.
"Conforming loan criteria" will be applied to all loans approved in the 95 per cent mortgage insurance plan, which means all loans will have to be subject to the loan purchase criteria stipulated by the HKMC and the investors.
Compared with a routine loan application made through the bank, terms of loan approval for the new programme are much stricter.
Borrowers should take note of the following:
Shell company applicants will not be accepted.
Rental property will not be accepted.
Age of property plus loan tenors must be less than 40 years.
Self-employed applicants, except for professionals (that is, certified practitioners in medical, legal and accounting fields), will not be accepted.
Monthly debt (mortgage and other loans) to income ratio must be less than 45 per cent for loans with a maturity period of more than 25 years.
Both the property valuation and loan applications under the 95 per cent mortgage insurance plan must be approved by the processing banker and the HKMC, and applicants are required to ensure sufficient time is made available for this procedure.
Applicants with an unstable income and those seeking mortgages for properties under rush sales and purchase transactions are not advised to join the mortgage insurance plan.
Also, both the valuation of the mortgaged property and applicant's credit rating will affect the final loan amount approved, so borrowers should reserve some cash to top up any shortfall that might occur.
As a backup, borrowers might also consider going through other 95 per cent mortgage lending channels and obtaining approval from bankers for the same loan.
Hendrick Leung is director of Ricacorp Mortgage Agency.
Friday, June 25, 2004
Mortgage providers back up builders
PEGGY SITO
Leading developers have joined forces with financial services companies to provide second mortgages for buyers of their residential projects.
Instead of providing the loans, developers will pass the business to financial services companies and use the money they save for land replenishment, according to Leland Sun Li-hsun, chief executive of Pan Asian Mortgages, which focuses on property financing such as second mortgages and negative-equity mortgages.
Developers wanted to offer top-up mortgages to lure buyers, but they were not interested in conducting second mortgages by themselves, Mr Sun said.
"First reason is it is not their core business. Second, they do not want to lock up the money for 20 years," he said.
Mr Sun said Pan Asian had teamed up with leading developers to offer the top-ups for a project that he did not identify.
The deal will be announced in the next couple of days.
It is understood that Pan Asian, Cheung Kong (Holdings) and New World Development will provide top-up mortgages of up to 25 per cent for buyers of the two developers' jointly owned Sky Tower in To Kwa Wan. The interest rate will be as low as 2.75 per cent below prime, which is now at 5 per cent.
Cheung Kong yesterday said it would make 95 per cent mortgages available for buyers at Sky Tower.
Mr Sun said developers preferred to use the cash they would retain by not providing second mortgages to buy cheap land while the economy was improving.
In a bid to prop up the slow property market in 2001, developers offered potential buyers second mortgages for their projects.
Hong Kong banks are allowed to provide mortgages for up to only 70 per cent of a property's value, according to Hong Kong Monetary Authority guidelines.
The Hong Kong Mortgage Corp has helped buyers of primary and second-hand flats to secure loans of up to 90 per cent since 2001.
Home buyers can have the market mortgage rate but are required to pay a premium - usually 2.15 per cent to 3.35 per cent of the total loan amount - to obtain the extra 20 per cent.
Mr Sun said the product was aimed at helping buyers who had steady incomes but lacked the savings to make the 30 per cent down payment.
Wednesday, August 4, 2004
Negative equity levels at record low after property rebound
KELVIN CHAN
Hong Kong's revived property market has helped the number of homeowners in negative equity fall to the lowest level on record.
The number of residential mortgages in negative equity fell to 28,264 by the end of June, down nearly 30 per cent from the previous quarter, the Hong Kong Monetary Authority said yesterday. The total amount owed on those loans fell to $48 billion at the end of the second quarter, down from $66 billion in the previous period.
Homeowners are in negative equity when the value of their homes falls below the value of their outstanding mortgages.
The city's negative equity figures have been steadily improving since last June, when there were almost 106,000 cases worth $165 billion, the highest since the HKMA started keeping track in mid-2001.
Buggle Lau Ka-fai, analyst with Midland Realty, said he expected the problem of negative equity would disappear next year.
"If property owners continue their mortgage payments with the prices up 10 per cent, the negative equity problem will go," he said.
The latest figures will help boost economic optimism, said George Leung Siu-kay, an economist at HSBC. "Definitely, when the negative equity comes down then people feel less burdened. So possibly people will be encouraged to do more spending," he said.
The monetary authority attributed the improved numbers to the rise in house prices coupled with the fact homeowners have kept paying back their mortgages so reducing their outstanding balances.
Friday, October 31, 2003
Government sells $16b in loans
ENOCH YIU
The government is planning to sell HK$16 billion of mortgage loans offered to first-time homebuyers to the Hong Kong Mortgage Corp (HKMC).
The chief executive of the government-owned corporation, Peter Pang Sing-tong, unveiled the purchase talks yesterday as it launched HK$3 billion worth of mortgage-backed securities, the largest sale of asset-backed debt paper in Hong Kong.
The home-starter scheme, introduced in 1998, offered middle-income families loans of up to $600,000 for the 30 per cent down payment on property purchases at a fixed interest rate of 3.5 per cent.
Applications for the scheme were suspended last year but there is still HK$16 billion in outstanding loans under the scheme.
Mr Pang said if the government decided to sell the entire portfolio to the corporation, he believed HK$6 billion would be bought this year and $10 billion would be settled next year. The proposed sales would be the second government asset sale following $4.8 billion of civil servant mortgage loans it sold to the HKMC earlier this year.
In March, the government said it planned to sell HK$21 billion worth of assets this year and $112 billion within five years to solve its deficit problem, which stood at $78 billion this year.
Mr Pang said that after the purchase of the government mortgage loans, the HKMC would package them into mortgage-backed securities to sell to the investors.
The HK$3 billion of mortgage-backed securities launched yesterday do not include any government mortgage loans but are formed by a pool of 2,520 mortgage loans acquired by the HKMC from banks and property developers.
The debt paper, due in 2024, is the second issue under a US$3 billion HKMC mortgage-backed securities programme which began with a HK$2 billion issue in March last year. The latest issue is divided into three classes, with different interest rates according to risk levels, at 0.12 to 0.18 percentage point above Hibor.
HSBC is the lead manager of the deal, while Bank of China, Bank of Communications Hong Kong branch, Bank of East Asia, International Bank of Asia and Mitsubishi Securities (HK) are senior co-lead managers and BNP Paribas is the co-lead manager. The issue has been fully subscribed by the banks' clients - bankers, fund managers and other institutional investors.
Mr Pang said mortgage-backed securities were a sophisticated product aimed at institutional investors but the HKMC planned to tailor some future issues for retail investors.
Hong Kong Monetary Authority chief executive Joseph Yam Chi-kwong, who is also deputy chairman of the HKMC, said mortgage-backed securities provided an efficient channel to help banks better manage liquidity and maturity mismatch risks in their mortgage business.
"Development of an active mortgage-backed securities market will broaden the product range of the financial market and further develop Hong Kong's role as an international financial centre," Mr Yam said.
He said the HKMC had already built up a mortgage pool of more than HK$32 billion and had become Hong Kong's largest bond issuer to finance its mortgage buying. This year, the corporation has issued $9 billion worth of bonds in addition to the $3 billion of mortgage-backed securities issued yesterday.
Mr Pang said the corporation planned to issue HK$10 billion to $15 billion in bonds next year to fund the purchase of about the same amount of mortgage loans. This will include a bond of about $1 billion tailored for retail investors.
"The interest rate in the banking sector is so low that we believe many retail investors will be interested in the HKMC retail bonds,'' Mr Pang said.
作者：游客 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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