Singapore Bank UOB Struggles With Hong Kong, China Property Loans as Prices Sink
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000A large wager on Hong Kong and China real estate is backfiring on one of Singapore’s top banks, which is facing up to mounting troubles in the region’s deteriorating property markets.United Overseas Bank Ltd. over the years financed real estate abroad including hillside luxury homes in Hong Kong, a five-star hotel overlooking the city’s central harbor, shopping malls and a Shanghai life science park. It also lent to Chinese developers. More than 40% of the loans its Hong Kong branch made were property-related as of June, a higher concentration than some other banks in the Chinese territory.