HKG:0023

3 stories mentioning HKG:0023Updated 8d ago

Every FINWIRES story that references HKG:0023, newest first.

Market Chatter: Banks Move to Seize Sheraton Hong Kong Hotel After Shimao Loan Default

A group of lenders is preparing to take control of a Sheraton-branded hotel near Hong Kong's airport after owner Shimao Group Holdings (HKG:0813) defaulted on a HK$4.5 billion ($575 million) loan late last year, Bloomberg News reported Friday, citing people familiar with the matter.The 1,200-plus-room property is at the center of advanced talks to appoint receivers, allowing banks to accelerate a sale and recover funds, the people told the media outlet. Original lenders to the project include HSBC (HKG:0005), Bank of China (Hong Kong) (HKG:3988), and Bank of East Asia (HKG:0023), the report said.Shimao has yet to respond to MTNewswire's query as of press time.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

HKG:0005HKG:0023HKG:0813HKG:3988

Asia22d ago

S&P Withdraws Bank of East Asia Medium-Term Note Program's Ratings

S&P Global Ratings has withdrawn its A- long-term and A-2 short-term issue ratings on The Bank of East Asia's (HKG:0023) $2 billion multi-currency medium-term note program, according to a recent release.The issuer, through its Singapore branch, requested the withdrawal, according to S&P.The MTN program rating's retirement does not impact the bank's issuer credit ratings, S&P said.

HKG:0023

Asia35d ago

Market Chatter: Hong Kong Banks Step Up Collateral Sales, Liquidations to Cut Bad Debt

Hong Kong banks are stepping up efforts to clean up a growing pile of bad loans, with special asset bankers increasingly turning to tougher recovery measures such as collateral sales and borrower liquidations, Bloomberg News reported Monday.The city's distressed loan ratio has climbed to a two-decade high as soured debt reached about HK$200 billion, driven largely by losses tied to Hong Kong commercial real estate, the report said.At least six lenders have expanded their special asset or recovery teams, including Bank of East Asia (HKG:0023), United Overseas Bank's (SGX:U11) Hong Kong branch, Bank of China (Hong Kong) (HKG:3988), and Hang Seng Bank, according to people familiar with the matter cited by Bloomberg.The banks are reportedly seeking to accelerate loss recovery and free up capital for fresh lending as broader economic conditions improve.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Hang SengHKG:0023HKG:3988SGX:U11

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