Hong Kong
BANKS are bundling loans into securities to make room on their balance sheets for more lending amid a fading property boom and stuttering economic growth. This isn't the US circa 2007, it's China in 2015.
Having banned asset-backed bonds in 2009 after they'd helped spark the global financial crisis, authorities in the world's second-largest economy started allowing sales in 2012. Issuance has climbed since then to 282.3 billion yuan (S$61 billion) last year, almost 15 times the offerings in 2013, according to data compiled by Bloomberg. Sales are already up 147 per cent this year versus the same period in 2014.
The boom is alarming ratings companies as soured loans rise to the highest...
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