The Hong Kong Monetary Authority together with the Banking Sector SME Lending Coordination Mechanism has launched a pre-approved principal payment holiday scheme for eligible corporate customers. All loan principal payments of eligible customers falling due within a six-month period between May 1 and October 31, will be pre-approved for deferment. Principal payments of loans including revolving facilities will generally be deferred by six months, whereas trade facilities, given their short-term nature, will be deferred by three months. Banks will begin informing eligible customers of the pre-approval. Syndicated loans or loans used to financing purchases of shares or other financial assets are not covered.

Source: The Standard April 17, 2020 07:15 UTC