30 Jun '16, 7am

Singapore's UOB suspends London property loans after Brexit

Singapore's UOB suspends London property loans after Brexit

Singapore's biggest lender, DBS Group , said it continued to provide financing for property purchases in London but was advising its customers to be cautious. "For customers interested in buying properties in London, we would advise them to assess the situation carefully before committing to their purchases as there could be potential foreign exchange and sovereign risks," Tok Geok Peng, executive director of secured lending, consumer banking group (Singapore) at DBS Bank, said in an email. Analysts said Brexit could slow the sale of UK properties in Asia as buyers turned cautious. "There have been London properties available for the last few months before the Brexit. The question is whether these properties can still continue to receive buyers in the short-term," said Alice Tan, head of consultancy and research at Knight Frank Singapore. UOB said it would review the marke...

Full article: http://www.cnbc.com/2016/06/30/brexit-impact-on-property-...

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