By Clare Jim HONG KONG (Reuters) - Asset managers are increasingly looking to dispose of their commercial buildings in Hong Kong as rising interest ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSHONG KONG - Asset managers are increasingly looking to dispose of their commercial buildings in Hong Kong as rising interest rates take a toll on mortgage payments, which for some have now exceeded rental income. Some of the sales plans also come as mortgage loansare due to be refinanced, which is made more difficult when equity in the asset drops, people in credit and property markets said.
Sources said a few larger asset managers, eager for swift disposals, were starting to sell Hong Kong assets at discounted prices. KaiLong Group is putting two of its buildings - which both have loan facilities due this year - on the market with the deadline for non-binding bids later this month, two sources with knowledge of the matter said.
Ivan Ho, Hong Kong CEO of KaiLong, told Reuters the company is not selling because of a"bad future" but rather through a"normal marketing exercise once assets are ready for sale."
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