Hong Kong Property Woes Weigh on Schroders as Banks Seize Assets [Yahoo! Finance Canada]
BANK OF COMMUNS UNSP/ADR (BCMXY)
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Source: Yahoo! Finance Canada
Within just a few months, two assets managed by its property investment arm have been seized by bank creditors. Most Read from Bloomberg Now it faces a new challenge relating to a loan for a three-floor commercial space at Harbourfront Landmark in Hong Kong's Hung Hom district. The facility was not repaid on the original maturity date. The lender, Bank of Communications (Hong Kong) Ltd., is now weighing various options for the loan including potentially demanding immediate repayment and then enforcing it, according to people familiar with the matter. No final decision has been made, they added. Regarding the Harbourfront loan, a Schroders spokesperson said “the loan is not in default and has been extended,” and it has secured a lease for all three floors of Harbourfront Landmark. Bank of Communications didn't respond to a request for comment. Schroders' losses underscore the increasing strain global firms face from Hong Kong's slumping property market. Like many other financi
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