HONG KONG, Sept 11 - HSBC Holdings will raise its mortgage rates in Hong Kong by a maximum of 50 basis points, a spokesperson for the bank said on Monday, as it tries to maintain its profit margin amid higher interest rates.
"We have decided to revise our mortgage rate following a recent review, which takes into account a range of factors, including HIBOR, our competitiveness and market pricing," the spokesperson said in a statement. Sun Hung Kai Properties slumped 9.5% after the Hong Kong property giant reported a 17% decline in underlying profit for the year ended June.
Interest rates in Hong Kong have been on the rise as its monetary policy moves in lock-step with the U.S., as its currency is pegged to the U.S. dollar.
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