The Independent Commission Against Corruption yesterday (26th) filed a lawsuit against a real estate agent, accusing him of falsely claiming to be living in a residential property and defrauding HSBC, Hong Kong Mortgage Corporation Limited and Hong Kong Mortgage Insurance Co., Ltd. in relation to property mortgage loans. The loan amount is about 4.9 million yuan.
The defendant was granted bail by the ICAC and will appear in Eastern Magistracy tomorrow (28th).
The Independent Commission Against Corruption yesterday (26th) filed a lawsuit against a real estate agent, accusing him of falsely claiming to be living in a residential property and defrauding the loan amounting to approximately 4.9 million yuan.
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The 37-year-old defendant Zhao Jiawei was charged with three counts of fraud and violated section 16A(1) of the Theft Ordinance. He was granted bail by the ICAC. He will appear in Eastern Magistracy tomorrow (28th) until the case is referred to the district. The court replied.
Mortgage Insurance Scheme provides mortgage loans of up to 80% for owner-occupied properties
The ICAC pointed out that when banks approve mortgage loans for owner-occupied properties, they must comply with the provisions of the Hong Kong Monetary Authority’s guidelines on the upper limit of the mortgage ratio. The Mortgage Corporation launched a mortgage insurance plan in 1999. Self-occupied residential properties below 10,000 yuan provide mortgage loans of up to 80%.
The plan will be implemented by the Mortgage Insurance Company, a subsidiary of the Mortgage Corporation, from May 2018. The Hongkong and Shanghai Banking Corporation Limited also participates in the plan.
The defendant falsely stated that the 6 million yuan property was used for self-occupation
The defendant signed a provisional contract on January 3, 2016 to purchase a residential property worth 6 million yuan, and applied for a mortgage loan under the mortgage insurance plan from HSBC on January 7, 2016.
One of the charges alleges that the defendant allegedly falsely stated to HSBC and the Mortgage Corporation that the above-mentioned property was used for self-occupation between January 7 and April 20, 2016, and intended to defraud HSBC and the Mortgage Corporation. The securities company granted him a mortgage loan of approximately 4.9 million yuan for the property, which resulted in him gaining an advantage or HSBC and the Mortgage Corporation at a disadvantage.
The remaining two charges allege that on June 13, 2017 and February 7, 2020, the defendant falsely stated to HSBC, the Mortgage Corporation and the Mortgage Insurance Company that the property was used for self-occupation and intended to defraud. Inducing HSBC, the Mortgage Corporation and the Mortgage Insurance Company to maintain the mortgage loan to him, resulting in him gaining benefits or HSBC, the Mortgage Securities Company and the Mortgage Insurance Company being disadvantaged.
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