Ex-property agent admits HK$4.9m mortgage loan fraud

Mr Chiu Ka Wai, 38, has been remanded in custody pending sentence. His offence was to rent out a residential property bought with mortgage insurance on condition of self-occupancy, raising the loan-to-value ratio to 80%. There is no allegation that he didn't service the loan on time. The HK Mortgage Corporation is ultimately owned by the HKSAR Government.

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