The Hong Kong Monetary Authority encourages banks to support developers' refinancing.

Media cited unnamed sources as reporting that the Hong Kong Monetary Authority has once again encouraged banks to support developers' refinancing to prevent further setbacks in the commercial real estate market. The HKMA recently held meetings with the Real Estate Developers Association of Hong Kong and banks to discuss again the debt maturity issues of some developers. In addition to individual major developers, the discussions also targeted the refinancing difficulties soon to be faced by several medium-sized developers, as they have assets but lack cash flow. More than 10 banks attended, including local, Chinese mainland and foreign banks.