Hong Kong Mortgage Corporation Forward Commitment Facility

The Hong Kong Mortgage Corporation (HKMC) announced today that the Approved Sellers have indicated that they are prepared to commit to sell an aggregate amount of $13.65 bn under the Forward Commitment Facility in the next 12 months.

"We are very pleased with the response from the Approved Sellers which is higher than our target of HK$13 bn", said Mr. Peter Pang, Chief Executive Officer of HKMC. "It is also encouraging to find out from our initial discussions with the Approved Sellers that most of them do not treat the commitment as a standby facility and intend to sell the committed amount to the HKMC within the specified period".

Hong Kong Mortgage Corporation

10 July 1998