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HSBC curbs mortgage offering to Chinese citizens in U.S

2016-01-28 15:52:01| Real Estate - Topix.net

Europe's biggest lender HSBC will no longer provide mortgages to some Chinese nationals who buy real estate in the United States, a policy change that comes as Beijing is battling to stem a swelling crowd of citizens trying to get money out of China. spokesman in New York told Reuters on Wednesday that the new policy went into effect last week, roughly a month after China suspended Standard Chartered China's stock market slump, slowing economic growth and weak real estate prices have encouraged Chinese individuals and companies to try to shift money offshore for higher returns, a headache for Beijing as the capital outflows undermine efforts to prop up the yuan and domestic investment.

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