Hong Kong banks grow cautious on One Stanley mortgages amid investigation
The furore over alleged construction defects at luxury development One Stanley threatens to cast a shadow over Hong Kong’s recovering super-prime property market, as banks hold off on mortgages and property agents suspend viewings at the complex while an investigation continues. “Most [banks] are adopting a wait-and-see approach,” said Eric Tso Tak-ming, chief vice-president at mReferral Mortgage…
Hong Kong banks are adopting a cautious approach to mortgage applications for the luxury development One Stanley due to an ongoing investigation, according to a property agent and a banking source. The investigation by the Building Department centers around alleged construction defects at one house, specifically a shortage of steel bars compared to approved plans.
The developer, K&K Property, has not yet responded to requests for comment. Despite the uncertainty, buyer interest has not vanished entirely; three to four viewings were received at One Stanley over the weekend. The mixed response comes as Hong Kong's super-prime property market recovers, with transactions for homes worth at least HK$100 million accelerating in recent months.
The investigation's outcome may influence buyer preferences, potentially leading some to favor traditional, larger developers over smaller ones like K&K Property.
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