Hong Kong's Smaller Developers Become $22 Billion Risk for Banks
While New World Development Co. 's mounting debt has captured market attention and shaken one of Asia's wealthiest families, Hong Kong's smaller property firms have lenders on even higher alert.
Banks are tightening the screws on mid-sized developers that have at least HK$173 billion ($22 billion) in debt. They are demanding stricter refinancing terms, asking for credit enhancements such as collateral or guarantees, and increasingly, halting new lending altogether, according to people familiar.
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