Hong Kong Mortgage Battle Sees Banks Go Big on Cash Handouts
- Cash rebates at highest level in over 17 years: Centaline
- Bank margins squeezed with cap on lending rates, high costs
Residential buildings in Hong Kong, China.
Photographer: Lam Yik/BloombergThis article is for subscribers only.
Fierce competition for new mortgage customers is driving banks in Hong Kong to offer the highest cash rebates in nearly two decades.
The deals — offered as a percentage of the principal loan amount — ramped up from about 1.3% last year to as much as 2.6% currently, the highest in over 17 years, according to Centaline Mortgage Broker data.