Hongkongers under siege as banks turn wary on mortgage loans with jobs in virus-hit sectors on the line

Hongkongers are facing a crunch time as the coronavirus pandemic induced the deepest labour-market retrenchment since 2011, making lenders wary of lending to people in the most vulnerable sectors.Some 134,100 people lost their jobs last month, according to government data, driving the unemployment rate up for a fifth straight month to a nine-year high of 3.7 per cent. Within the consumption and tourism-related segment, the rate has reached the worst since the global financial crisis.As the…

from South China Morning Post https://ift.tt/2Wm0KnZ
Sandy Li Hongkongers are facing a crunch time as the coronavirus pandemic induced the deepest labour-market retrenchment since 2011, making lenders wary of lending to people in the most vulnerable sectors.Some 134,100 people lost their jobs last month, according to government data, driving the unemployment rate up for a fifth straight month to a nine-year high of 3.7 per cent. Within the consumption and tourism-related segment, the rate has reached the worst since the global financial crisis.As the… https://ift.tt/eA8V8J March 18, 2020 at 02:00AM