2013 Hong Kong Property Market Outlook Luncheon
HONG KONG, Nov. 29, 2012 /PRNewswire/ -- QBE Mortgage Insurance (Asia) Limited ("QBE MI Asia") has been devoted to help borrowers realize their dream of home ownership with flexible and quality products and services. To further expand the company's business, QBE MI Asia announced today they reached agreement with Fubon Bank (Hong Kong) Limited ("Fubon Bank (Hong Kong)"), who will be offering QBE MI Asia products as of tomorrow to broaden their services to borrowers. Furthermore, to foster communication within the industry, QBE MI Asia organized the "2013 Hong Kong Property Market Outlook" luncheon today, with guest speakers Mr. Stanley Wong Yuen-fai, Chairman of Subsidized Housing Committee under the Hong Kong Housing Authority and Member of The Long Term Housing Strategy Steering Committee, and Mr. Stephen Wong Yuen-shan, a popular economic critic and guest lecturer of The Chinese University of Hong Kong, together sharing their analysis of the influence of the global economy on the local property market in the presence of 100 banking elites.
KY Poon, Managing Director of QBE MI Asia, commented the company has operated in Hong Kong for over 13 years collaborating with banks to offer mortgage insurance products to borrowers, enabling banks to transfer their risks through constantly changing financial cycles. QBE MI Asia offers mortgage insurance for 70% or above LTV loans to borrowers, who then only need to pay 10% of the property price to realize their dream of ownership.
QBE MI Asia's services cover both primary and secondary property markets, as well as providing cash refinancing for applicable customers with different financial needs. Applicable properties include village houses, flats under Home Ownership Scheme and estates over 30 years old. Applicants of any occupation are eligible for QBE MI Asia's mortgage insurance with predominant customers including first-time home buyers, young married couples and people in need of mortgage refinancing or cash-out refinancing. In addition, QBE MI Asia will tailor products, offering more efficient, highly valuable, diversified and flexible options for customers with a variety of needs.
Poon continued, "Fubon Bank (Hong Kong) is the second bank to announce its collaboration with QBE MI Asia this year. The mutually cooperative relationship will be fruitful for expanding the banks' clientele and loan investment portfolios. We will continue to search for new business partners to expand our market penetration, as well as developing new mortgage insurance products to help more borrowers realize their dream of home ownership."
Mr. Stanley Ku, Senior Vice President & Head of Consumer Finance of Fubon Bank (Hong Kong) said, "The partnership between Fubon Bank (Hong Kong) and QBE MI Asia not only provides more diversified options for our mortgage business, but will also help expand our market share of 90% LTV mortgage loans. With soaring property prices, mortgage insurance provides an opportunity for more people to purchase their dream homes, in particular, to alleviate the burden for first-time home buyers. We deeply believe the services provided by QBE MI Asia will help Fubon Bank (Hong Kong) better grasp market needs, bringing more business opportunities to our mortgage business."
QBE MI Asia has been providing mortgage insurance for over 13 years and has a deep knowledge of the Hong Kong market. It is a wholly-owned subsidiary of QBE Lender's Mortgage Insurance Limited ("QBE LMI"). QBE LMI is a leading mortgage insurer with over 45 years experience in the Australian market and over 20 years in the New Zealand market. Through our proactive approach, innovative products and services, and longstanding knowledge and expertise, QBE LMI has helped customers manage risk.
QBE LMI's ultimate holding company, QBE Insurance Group Limited, is Australia's largest international general insurance and reinsurance group and one of the top 20 insurers and reinsurers worldwide as measured by net earned premium, with operations in all key insurance markets, with offices in 52 countries.
