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<Research>JPM: NEW WORLD DEV (00017.HK) Interest Payment Delay Negatively Impacts HK CRE Mkt; HK Banks' Earnings Risk May Intensify This Yr
Recommend 36 Positive 48 Negative 36 |
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NEW WORLD DEV (00017.HK) will delay the payment of interest on its perpetual bonds, JPMorgan released a research report saying. Although this does not constitute a technical default, it is an unexpected negative factor, indicating that the risk mitigation process in Hong Kong's commercial real estate (CRE) market may be marginal and gradual. JPMorgan believed that the earnings risk for local banks in Hong Kong may intensify for the remainder of this year. The broker also estimated that HIBOR is unlikely to rebound to the previous level of over 4%, posing a significant downside risk to the net interest income of Hong Kong banks. AASTOCKS Financial News Website: www.aastocks.com |
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