Tighter Property Regulations to Weigh on Hong Kong Banks

(The following statement was released by the rating agency) Link to Fitch Ratings’ Report: Hong Kong Banks 2016 Report Card here HONG KONG, June 01 (Fitch) Fitch Ratings expects tighter regulations on property related lending to have a material but manageable capital impact on Hong Kong banks. We expect the growth in domestic residential mortgages, which accounted for 5.6% of system wide assets at end March 2017, to slow while direct lending to property developers (6.3%) may shrink. canada goose outlet store locations Fitch estimates that increasing the risk weight on Canada Goose online loans to property developers to 50% or 100% from an assumed 30%, coupled with an increase in the risk weight floor for canada goose clearance residential mortgages to 25% from the current 15%, could reduce Fitch Core Capital ratios by at least canada goose coats on sale 50 bp and up to 420 bp for banks that use the internal ratings based approach. The impact will be manageable as the new rules will be phased in and banks have maintained above average capitalisation, supported by internal capital generation and one off disposals. Notwithstanding the above, Fitch revised the banking system outlook over the next 12 months to stable from negative on 11 May 2017 while canada goose clearance sale the medium term outlook for Hong canada goose store Kong banks’ operating environment remains negative as the financial systems of Hong Kong and China continue their integration. We expect short term cyclical pressure on the banks’ financial performance to ease, based on positive signs in the domestic economy. Fitch expects annual GDP growth of around canada goose replica 2% in 2017 and 2018 for Hong Kong. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S canada goose coats CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES Canada Goose Outlet ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. DIRECTORS AND SHAREHOLDERS RELEVANT INTERESTS ARE AVAILABLE here. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS canada goose outlet toronto factory SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1 800 753 4824, (212) 908 0500. Fax: (212) 480 4435. Reproduction or retransmission in whole or in part is prohibited except by permission. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in Canada Goose Jackets a Canada Goose Parka given jurisdiction. The manner of Fitch’s factual investigation and the scope of the third party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security 2018 canada goose outlet is offered and sold and/or the issuer is located, the availability and nature of canada goose black friday sale relevant public information, access to the management of the issuer and its advisers, the availability of pre existing third party verifications such as audit reports, agreed upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch’s ratings and reports should understand that neither an enhanced factual investigation nor any third party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of cheap Canada Goose experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward buy canada goose jacket cheap looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided “as is” without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for Canada Goose Coats On Sale a rating or a report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch canadagoosejackets7v is not engaged in the offer or sale of any security. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the canada goose deals adequacy of market price, the suitability of any security Canada Goose sale for a particular investor, or the tax exempt nature or taxability of payments made in respect to any security. Such fees generally vary from US$1,000 to canadian goose jacket US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Canada Goose Online Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the United Kingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may canada goose be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. Credit ratings information buy canada goose jacket published by Fitch is not intended to be read more here used by persons who are retail clients within the meaning of the Corporations Act 2001.