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Lending brake looms
Source: Bloomberg News |
November 24, 2011, Thursday
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Print Edition
Print Edition
HONG Kong loan growth may slow next year after lending momentum began decelerating in September because of falling demand and tightening of bank funding, the Hong Kong Monetary Authority said yesterday.
"Loan growth in the past one to two months has slowed," Norman Chan, the authority's chief executive, said in Beijing. "Mortgage lending declined because property transactions fell, while trade financing dropped on slowing trade flow."
Hong Kong lenders expanded credit by 29 percent last year, prompting the authority in April to ask lenders to reassess their business plans and funding strategies.
"Loan growth in the past one to two months has slowed," Norman Chan, the authority's chief executive, said in Beijing. "Mortgage lending declined because property transactions fell, while trade financing dropped on slowing trade flow."
Hong Kong lenders expanded credit by 29 percent last year, prompting the authority in April to ask lenders to reassess their business plans and funding strategies.
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