Regulatory Alerts2022-04-29
Added · Updated
Temporary Protection Measures for Business Tenants (COVID-19 Pandemic) Ordinance Guidance
The Hong Kong Monetary Authority issued this circular to guide authorized institutions on complying with the newly passed Temporary Protection Measures for Business Tenants Ordinance. The regulator requires lenders to refrain from enforcement actions against landlords facing repayment defaults caused by rental moratoriums and strongly encourages waiving penalties while extending loan tenors. Additionally, authorized institutions must offer credit relief under the Pre-approved Principal Payment Holiday Scheme to eligible corporate and individual landlords and ensure proper loan classification for affected customers.
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