A former property agent admitted at a court that he had deceived a bank and the Hong Kong Mortgage Corporation Limited into granting him a mortgage loan of about HK$4.9 million by making false representations. The 38-year-old defendant Chiu Ka-wai pleaded guilty to two counts of fraud at the District Court on Monday. Under the MIP, banks could provide a maximum 80 percent loan-to-value ratio to a self-occupancy residential property valued at HK$6 million and below. The defendant declared in the relevant documents that the property was for self-occupancy and was offered the HK$4.9 million mortgage loan in March 2016. Had HSBC, the HKMC and the HKMCI known that the information provided by the defendant was false, they would not have maintained the mortgage loan granted to him.

Source: The Standard January 31, 2023 05:23 UTC