【Tai Po Hong Fu Court Level 5 Fire】HKMA: Banks will assist "property for property" Hong Fu Court mortgage customers to transfer to refinancing; terms are not more stringent than existing ones

The Hong Kong Monetary Authority stated that in response to the government’s earlier announcement of the long-term residential arrangement plan for Grand Foyer, the authority held a meeting with the Hong Kong Association of Banks. On Wednesday (4th), the banking industry announced three follow-up measures to support affected residents of Grand Foyer in Tai Po, based on principles of compassion and flexibility.

The follow-up measures include:

• Extending repayment grace periods for various loans — all 28 retail banks will extend the existing mortgage, personal, and credit card loan repayment grace periods (including principal and interest) for affected individuals by six months until the end of November 2026, to ease their short-term financial pressure;
• Supporting different housing options for mortgage arrangements — all mortgage banks for Grand Foyer will assist relevant homeowners with mortgage matters, including: (1) helping mortgage mortgagors and borrowers who choose the “upgrading” option to replace their original Grand Foyer units with newly purchased subsidized sale units as collateral. The mortgage banks agree that after the collateral transfer is completed, the terms of the mortgage (including interest rate and term) will not be less favorable than the current mortgage; (2) to give residents who choose the “upgrading” option sufficient time to handle transitional arrangements, banks will further extend the repayment grace period for existing mortgages (including principal and interest) until they can move into their newly purchased subsidized sale units; (3) for mortgagors and borrowers who opt for cash purchase and repay their existing mortgages, the mortgage banks will handle new mortgage arrangements flexibly when they arrange long-term housing on their own.
• Establishing a multi-party cooperation and communication mechanism — the HKMA, the Hong Kong Association of Banks, and the banking industry will set up a communication platform, including a “clarification team” coordinated by the Housing Authority, to understand the specific needs of Grand Foyer residents and provide appropriate assistance for each case.

The HKMA and the Hong Kong Association of Banks remind citizens to stay vigilant to prevent fraud. If citizens receive calls from bank staff, they should verify the caller’s identity and avoid revealing personal and bank account information, passwords, or other sensitive data to suspicious individuals.

Bank of China Hong Kong (02388) stated that, in cooperation with the HKMA and the Hong Kong Association of Banks regarding the long-term residential arrangement plan for Grand Foyer, they are providing further support to affected customers. The bank will also actively maintain close contact with the HKMA and the association through the newly established communication platform and the “clarification team” coordinated by the Housing Authority to understand residents’ specific needs and offer assistance.