Democrat warns of ‘negative equity trap’ for first time homebuyers as Hong Kong relaxes mortgage rules

Lawmakers have raised concerns after Chief Executive Carrie Lam announced a relaxation on eligibility requirements for a government mortgage scheme, with one democrat warning of a “negative equity trap” for young Hongkongers. Under the Hong Kong Mortgage Corporation’s mortgage insurance scheme, first-time homebuyers can currently obtain as much as 90 per cent of properties value, […]