27 Jun '11, 1am

Local banks may be hit if there is a property market downturn, says analysts

SINGAPORE - Local banks face the risk of taking a hit if there is a downturn in the property market given their heavy exposure to the real estate sector, according to global debt watcher Fitch Ratings. Home mortgages and construction-related loans account for 50 per cent, or half of local banks' total loan portfolio, Fitch Ratings financial institutions director Alfred Chan said . He pointed out, however, that the Government's move to cool the property market should mitigate that risk as the cooling measures will ensure that only borrowers with good credit quality will prevail. "Fifty per cent of Singapore bank loans are to the property sector in the form of home loans and construction loans so in the event that prices were to moderate, given that prices are fairly high at where they are now, that could have an impact on the quality of those loans," Mr Chan said in an inte...

Full article: http://www.todayonline.com/Business/EDC110627-0000195/Loc...

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