Half of all loans are linked to property.
According to CLSA, Hong Kong has long had a property-centric banking system, reflecting its increased wealth (a rising middle-class drives increased home ownership and mortgage demand) and the economic shift away from manufacturing to services.
"As of 30 June, roughly half of all loans in Hong Kong were property-related, split roughly equally between mortgage debt against residential property and commercial loans against property development and investment. The next largest sector, wholesale & retail trade, is much smaller than either of these categories, at just under 10%."
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