January 26, 2016
International bank HSBC will stop providing mortgages to certain Chinese nationals buying properties in the United States, Mansion Global has learned.
The move, which was widely circulated on Chinese social media sites over the weekend, may be part of a larger crackdown on money laundering and repatriating assets.
HSBC will no longer make mortgage loans to those Chinese nationals holding B visas (the temporary visitors’ visa) if the majority of the national’s income and assets are maintained in China.
A spokesman for HSBC confirmed the shift to Mansion Global, saying “There is a policy change.”