(From South China Morning Post)
Byline: Enoch Yiu
The government is planning to sell HK$16 billion of mortgage loans offered to first-time homebuyers to the Hong Kong Mortgage Corp (HKMC).
The chief executive of the government-owned corporation, Peter Pang Sing-tong, unveiled the purchase talks yesterday as it launched HK$3 billion worth of mortgage-backed securities, the largest sale of asset-backed debt paper in Hong Kong.
The home-starter scheme, introduced in 1998, offered middle-income families loans of up to $600,000 for the 30 per cent down payment on property purchases at a fixed interest rate of 3.5 per cent.