UOB Trapped in Hong Kong’s Luxury Property Meltdown
This article first appeared on GuruFocus. UOB’s $1.3 billion exposure to Shimao Group’s (SHMAY) luxury Beacon Peak development in Hong Kong is starting to look more like a liability than a lending success. The Singapore-based bank is extending the loan’s maturity by another three years, after quietly failing to sell it to private credit funds…