Hong Kong’s property market remains stressed with the potential distress sale of a retail building in Tin Hau providing further evidence of the weak demand in the sector.
With the increasing likelihood of losses occurring for investors of a fund worth 250 billion won ($197 billion) for a Hong Kong office building managed by Mirae Asset, Woori Bank has decided to provide partial compensation to its clients. Back in June 2019, Mirae Asset Securities financed the Goldin Financial Global Centre located in eastern Kowloon Bay, Hong Kong, using 250 billion won acquired through mezzanine fin.
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