for the asset and wealth management sector, including introducing tax exemption for family offices and reviewing the existing tax concession measures applicable to funds. in respect of green and sustainable finance, the government is also setting up a committee with industry experts in green technology, green finance and green standard certification to formulate an agenda for developing hong kong into an international green technology and finance centre ; and expanding the scope of the government green bond programme to cover sustainable finance projects. we trust that these will make the hong kong platform and ecosystem even more attractive and conducive to market participants looking to seize the opportunities ahead. 17. i know i have covered quite a lot already, so let me close here. i wish today's summit the very best success. and i look forward to working with the aplma and all of you here to promote the further growth of our loan market in the future. 18. thank you. 3 / 3 bis - central bankers'speeches

the net worth of a mortgage applicant, the maximum loan - to - value ( ltv ) ratio shall be lowered from the current 40 % by 10 percentage points to 30 %. third : for mortgage applicants whose principal income is derived from outside hong kong, the applicable maximum ltv ratio shall be lowered by 20 percentage points, instead of the current 10 percentage points. 5. based on the experience in hong kong, borrowers with multiple outstanding mortgage loans have higher level of indebtedness and leverage. during property market and economic downturns, the chance of default for this group of borrowers can be significantly higher than those with only one property under mortgage. in view of this, the hkma considers it necessary to require banks to further tighten the underwriting criteria for mortgage loans to borrowers with multiple property mortgages to reduce the risk of banks. bis central bankers ’ speeches 6. besides, the hkma notices a recent trend of lengthening average tenor of new mortgage loans. the average tenor for new mortgage loans now is 25 years, which is three years longer than that of 22 years in 2009. some banks have extended the maximum tenor to even 40 years. prolonged loan tenors will not only increase credit risk of banks, but may also weaken the ability of borrowers to withstand interest rate risk. in particular, when mortgage rates return to more normal levels, borrowers with a loan that already stretches to 30 or even 40 years simply cannot seek to reduce their monthly instalment payment burden by extending the tenor, and may therefore face financial difficulty. therefore the hkma has now required banks to set the ceiling for the maximum loan tenor for all new mortgage loans to not more than 30 years. 7. the above measures take effect immediately. however, loan applications in respect of property transactions with provisional sale and purchase agreements signed today or earlier will not be affected. 8. mr arthur yuen, our deputy chief executive, will explain the details of these measures later. 9. when introducing measures to tighten the underwriting criteria for mortgage loans, the hkma has always strived to strike a balance to minimise the impact on end - users, particularly first - time homebuyers. although we have already introduced five rounds of prudential measures on mortgage lending, we have sought to ensure that purchasers of residential properties at a value of hk $ 6 million or below for self - occupied purpose would still be eligible for a maximum ltv ratio of 70 %. in addition,